Canada rejects US duties on lumber as 'baseless'

Trade had been left off the official agenda, the Financial Times reported, to avoid the controversial issue of protectionism, which has led to diplomatic friction between the members and the administration of U.S. President Donald Trump.

The United States said on Saturday the world's other rich economies were getting used to the policy plans of President Donald Trump, but Europe and Japan showed they remained anxious about Washington's shift.

Even with the apparent thaw in relations, the US still stands apart from the rest of G-7 on trade, climate change and other issues.

In theory, corporate tax cuts and deregulation along the lines proposed by Trump could address some of those problems in the world's largest economy.

"I think you probably saw last night we made an announcement of a 100-day economic plan with the Chinese, so I think we are very happy with how we are proceeding on trade", he said.

The United States believes the world's other rich economies are getting used to the policy plans of President Donald Trump, but Europe and Japan remain anxious about Washington's shift.

US Treasury Secretary Steven Mnuchin meets the press at the end of the G7 summit of finance ministers in Bari, Italy on Saturday.

More news: Trump, Russia's Lavrov discuss Syrian civil war

The doubts over trade has seen the gathering in Bari tipped as being the venue for the latest battle of Bari, a fortified port on Italy's southern Adriatic coast that has seen many power tussles over the centuries.

On the global economy, the ministers noted that recovery was gaining momentum but that output remains below potential in many countries "with the balance of risks tilted to the downside". European Economic Affairs Commissioner Pierre Moscovici said he hoped Trump would not abandon multilateralism and free trade.

Ministers are also trying to develop a strategy for "inclusive" economic growth-ensuring policies benefit the poor and middle class, and don't exacerbate growing income inequality-to counter a global political backlash against globalization.

The G-7 countries are Canada, France, Germany, Japan, Italy, the United States and U.K., with representatives of the European Union also attending.

The meeting also coincided with news of a significant foray by the Trump administration into global commerce.

There is broad consensus among economists, for example, that more than two-thirds of the job losses over the past two decades were a result of automation, with only a third from jobs being moved to countries with cheaper labor and production costs. Officials said they are trying to work more closely with the private sector, including through deeper data collection and sharing solutions to attacks.

The Italian G7 presidency has listed security as a "global public good" - including issues related to anti-terrorism financing, remittances and cyber security - and one of its four finance priorities. "We tried to convince everyone we organised it to show how important the Italian agenda is", he quipped at the end of two days of discussions in a Norman fortress on Italy´s southern Adriatic coast.

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