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U.S. Treasury Secretary Scott Bessent, who chaired the ministers’ meeting, secured support from the other 19 countries to “take steps to eliminate non-market policies and practices that exacerbate imbalances.” (The Logic)
Talking point: A note at the bottom of Bessent’s statement said that China objected to that language, but he suggested that only underscored his point. “We believe that non-market-based economies pushing out a never-ending stream of cheap exports is not sustainable,” he said Tuesday. “I think that the fact that 19 countries did want to address this shows the sheer enormity of the problem.” Prime Minister Mark Carney has said the White House’s desire to limit Canada’s ability to reach trade agreements with other countries was one of the sticking points in trade talks. U.S. Trade Representative Jamieson Greer has framed it as a request for a co-ordinated approach to non-market economies.
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