more-inThe prevailing mood of déjà vu following U.S. President Donald Trump’s unfolding ‘America first’ agenda could not have eluded the attention of Finance Ministers and Central Bank heads of the Group of Seven countries (G-7) meeting in the Italian town of Bari. Their concern was more on preventing a repeat of the confrontation witnessed during a G20 meet of Finance Ministers in Baden-Baden in March, which eventually led to a watered-down declaration to promote global trade, in a reversal of the robust 2016 declaration to “resist all forms of protectionism”. As a result, discussions on global cooperation were relegated to bilateral meetings, on the sidelines of the Bari gathering. The shift in approach in relation to Beijing is quite telling — Mr. Trump had called Beijing a currency manipulator until the other day. Similarly, notwithstanding domestic political compulsions, Mr. Trump’s recent readiness to renegotiate NAFTA brings some diplomatic relief after months of incendiary attacks against neighbouring Mexico and misleading propaganda on the treaty.

Source: The Hindu May 15, 2017 18:33 UTC