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G7 Finance Ministers Meet In Italy

The G7 group of Finance Ministers – from the rich countries of the United States, Canada, the United Kingdom, France, Germany, Japan, and Italy – have concluded a meeting together in the town of Bari, Italy, in Southern Italy on the Adriatic coast.

G7 meetings began in the 1970s as informal gatherings for the most important global finance ministers to discuss pressing matters affecting their economies. This year, issues such as tax evasion and cyber security brought common ground to the members. The biggest dispute seemed to be between Canada and the United States regarding the latter’s decision to impose tariffs on certain Canadian softwood.

Most finance ministers took the opportunity to gauge the future policy of the Trump administration and voiced their support for a lowering of the corporate tax rate in the United States. A lower rate would benefit multinationals from their countries operating in the United States as well as American companies.

In a closing communication, the need for vigilance in regards to continued growth was stressed as well as for policy makers to not grow complacent as optimistic signs for the global economy emerge.

The heads of state of all of the G7 nations will meet in May 26th in Sicily.

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