• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar

3

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar

3

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Financeg20

Treasury Secretary Steven Mnuchin’s Trade Agenda Hasn’t Thrilled the G20 So Far

By
Fortune Editors and Reuters
Fortune Editors and Reuters
and
Michelle Toh
Michelle Toh
Down Arrow Button Icon
By
Fortune Editors and Reuters
Fortune Editors and Reuters
and
Michelle Toh
Michelle Toh
Down Arrow Button Icon
March 20, 2017, 5:27 AM ET
Add Fortune on Google for similar content.

Wary of their first official encounter with U.S. President Donald Trump’s blustery trade agenda, the world’s top finance officials were relieved to find new Treasury Secretary Steven Mnuchin polite and business-like over the weekend.

But they yielded ground to the newcomer’s push for the Group of 20 major economies to abandon a decade-old pledge to resist protectionism and to delete communique language on financing the fight against climate change.

According to G20 officials who interacted with Mnuchin at the meeting in the spa and casino town of Baden-Baden, Germany, many opted not to challenge Mnuchin on protectionism language.

Instead they chose to give some space to him and Trump’s new administration to refine their trade views in the hopes for moderation by the time Germany hosts a G20 leader’s summit in July.

Five weeks into his new job, the former Goldman Sachs and commercial banker is currently the only Senate-confirmed Trump appointee working at Treasury. And the Trump administration has not yet decided on the specific policies it will use to make good on campaign pledges to shrink U.S. trade deficits and grow American manufacturing jobs.

Options under consideration range from more aggressive anti-dumping enforcement efforts to renegotiating trade deals and enacting a proposed border tax levied on imports. During his campaign, Trump threatened unilateral tariffs on Mexican and Chinese goods and said he would quit the North American Free Trade agreement unless it is renegotiated to his liking.

“We have a new administration in Washington which still has to define precisely its narrative, especially in the context of what was said in the campaign,” said Pierre Moscovici, European Commission Economic Affairs Minister.

“I think Mnuchin is an articulate, constructive, and pragmatic man,” Moscovici said. “More work needs to be done to find common ground. It was not ready here. It is not a total surprise.”

FIRST IMPRESSIONS

Japanese Finance Minister Taro Aso, who tangled with Mnuchin’s predecessor, Jack Lew, last year over dollar-yen exchange rate volatility, said he was impressed with Mnuchin’s understanding of economics and financial markets.

“That’s why I think we can do good business together,” Aso told reporters.

In the G20 plenary sessions, Mnuchin took to the floor only once, reading from a prepared statement, according to a G20 official, while counterparts from China and France argued forcefully in favor of keeping the anti-protectionism pledge.

While Mnuchin concentrated on making good first impressions with his G20 counterparts, U.S. negotiators behind the scenes insisted that they could no longer accept previous language vowing “to resist all forms of protectionism.”

This was replaced with a watered-down pledge to “strengthen the contribution of trade to our economies” – language viewed by some participants as preserving U.S. flexibility on trade policy.

German Finance Minster Wolfgang Schaeuble, who met with Mnuchin in Berlin before the Baden Baden meeting, said consensus could not be reached on the meaning of protectionism.

He suggested at a news conference that Mnuchin may not have had a clear mandate to negotiate on trade issues.

Asked about this, Mnuchin said he knows Trump’s desires on trade and negotiated them from Baden Baden, adding: “the new language makes sense.”

RITUALISTIC PHRASE

The deletion of a “ritualistic phrase” in the G20‘s core language could over time diminish U.S. influence, said Eswar Prasad, a former International Monetary Fund official and trade policy professor at Cornell University.

“The U.S. may have won this battle by forcefully imposing its will on the rest of the G20, but the outcome represents a step backward in U.S. global leadership on issues such as the promotion of free trade and tackling climate change,” said Prasad.

But the Baden Baden meeting established Mnuchin as a pragmatic operator in the Trump administration’s drive for a more level playing field on trade, said Domenico Lombardi, another former IMF official now with the Centre for International Governance Innovation, a Canadian think-tank.

“It’d be in the interest of Germany and Europe to establish a strong, bilateral relationship with the new Treasury secretary rather than questioning his authority,” Lombardi said. “The alternative for them would be to negotiate directly with Trump and that would be worse.”

Mohamed A. El-Erian, chief economic adviser at Allianz SE and former chief executive of Pimco, wrote that Mnuchin had the “negotiating advantage” of a clear vantage point.

“By having articulated so clearly and repeatedly its “America First” position, including in last week’s budget blueprint, the new administration has staked out an unambiguous negotiating position,” El-Erian wrote in a column for Bloomberg View. “Moreover, it knows that, should the world end up in a trade war, the damage to the economy would likely be less than that felt by many, many other countries.”

About the Authors
By Fortune Editors and Reuters
See full bioRight Arrow Button Icon
By Michelle Toh
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Finance

Alphabet Inc. and Google CEO Sundar Pichai speaks during the inauguration of a Google Artificial Intelligence (AI) hub in Paris on February 15, 2024. (
Big TechWall Street
AI is forcing Big Tech to do something it’s never done: Spend more than it earns, and Wall Street hates it
By Eva RoytburgJuly 23, 2026
5 hours ago
Saudi Arabia takes center stage as oil hits $100 and the Iran war escalates amid Houthi attacks and nuclear expansion
EnergyDonald Trump
Saudi Arabia takes center stage as oil hits $100 and the Iran war escalates amid Houthi attacks and nuclear expansion
By Jordan BlumJuly 23, 2026
7 hours ago
California Republican’s awkward pitch: vote for me even if you hate Trump
BankingElections
California Republican’s awkward pitch: vote for me even if you hate Trump
By MIchael R. Blood and The Associated PressJuly 23, 2026
10 hours ago
z
EconomyElections
Democrats decide 2026 midterm elections are the perfect time for a civil war pitting socialists against moderates
By Jill Colvin and The Associated PressJuly 23, 2026
11 hours ago
police tape
North AmericaCrime
American homicides on track for lowest level in more than a century: ‘one of the most significant public safety developments in decades’
By Safiyah Riddle and The Associated PressJuly 23, 2026
11 hours ago
Photo of Speaker of the House Mike Johnson.
PoliticsCongress
The Republican-controlled House just passed a stock trading bill — that exempts Trump’s 3,600 Q1 trades
By Joey Cappelletti and The Associated PressJuly 23, 2026
11 hours ago

Most Popular

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
Real Estate
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
By Nick LichtenbergJuly 22, 2026
1 day ago
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
Economy
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
By Sasha RogelbergJuly 22, 2026
1 day ago
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
3 days ago
Spain lifted the World Cup, but the IRS still gets a cut of its $50 million pay day as players, coaches and refs all face complex U.S. “jock taxes”
Personal Finance
Spain lifted the World Cup, but the IRS still gets a cut of its $50 million pay day as players, coaches and refs all face complex U.S. “jock taxes”
By Joshua HongJuly 23, 2026
20 hours ago
'The man who dies rich dies disgraced': The last time America had such wealth inequality, Andrew Carnegie knew he had to give it all away
Success
'The man who dies rich dies disgraced': The last time America had such wealth inequality, Andrew Carnegie knew he had to give it all away
By Nick LichtenbergJuly 22, 2026
1 day ago
Current price of oil as of July 23, 2026
Personal Finance
Current price of oil as of July 23, 2026
By Joseph HostetlerJuly 23, 2026
17 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.