U.S. told by rest of G7: don't go it alone

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Mnuchin, who skipped the opening session in Bari where academics spoke on inequality and growth, arrived long after other ministers and told reporters he was "excited" about the emerging new U.S. trade policy.

Economy Minister Pier Carlo Padoan and central bank governor Ignazio Visco both replied negatively when asked at the end of a G7 meeting in Bari, Italy, whether the G7 had any suspicions on who was behind the attack.

Federal reserve Chair Janet Yellen arrives for the opening session of the G7 of Finance ministers in Bari, southern Italy, Friday, May 12, 2017.

The China deal, securing better access to the big Chinese market for USA beef, natural gas and some financial services, was welcomed by Mnuchin.

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Canadian Prime Minister Justin Trudeau has said he would consider retaliating against USA coal imports.

"This is a reminder to all of us of the importance and focus on cyber security", said U.S. Treasury Secretary Steven Mnuchin."We had this on the agenda today, we were speaking about it, I think people felt so strongly about it that we agreed to keep it on the agenda for the next few sessions".

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Leaving controversial talks on trade until a G-7 leaders' summit scheduled for later this month, officials instead pushed U.S. Treasury Secretary Steven Mnuchin for details on President Donald Trump's tax package, unveiled late last month.

Japanese Finance Minister Taro Aso had earlier urged G7 members not to "backpedal on free trade as it has contributed to economic prosperity".

They also vowed to cooperate more against cyber crime, finance the global anti-terror fight, and promote a fair tax system including digital economy. There are concerns that the economy has not reached the levels seen before the global financial crisis, and that labor productivity continues to lag. Increasing output per worker is a key to growth, and economists say it may be held back by businesses' reluctance to invest in plants and equipment due to lingering fear from the Great Recession, as well as uncertainty about new regulations.

The world has a question for the Trump administration: How are things going with Washington's plans to overhaul taxes? Officials from the big European economies, Canada and Japan remain concerned about a lack of visibility over how Trump plans to implement his ´America First´ agenda.

Finance ministers and central bank governors from the Group of Seven (G7) countries on Saturday pledged to use all available means to boost economic recovery and make global growth more inclusive. "The U.S. administration is quite new and the cooperation is improving", Schaeuble said. The US government seems to be favouring a bilateral, rather than multilateral, approach to global affairs, which falls in line with Trump's idea of global trade as "reciprocal".

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

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