Something went wrong with the connection!
 Breaking News

Protections necessary for markets to function properly: US

Protections necessary for markets to function properly: US
January 24
11:29 2018

DAVOS: As world leaders await to hear Donald Trump here about his America First policy, top officials from his administration today asserted protections are necessary for the markets to function properly but refused to comment on what the President will talk about, saying he himself makes changes to his speeches.

A number of world leaders here, including Indian Prime Minister Narendra Modi, have spoken about an urgent need to shun protectionism.

Trump’s speech, scheduled for Friday, is being keenly awaited in the backdrop of his America First policies.

Addressing a press conference, Treasury Secretary Steven Mnuchin said the size of the US delegation to Davos this year is testament to the scale of Trump’s work over the past year.

Commerce Secretary Wilbur Ross sought to brush aside criticism about lowering of corporate tax rates in the US and said tax reductions impeding trade are a fallacy.

“The US was an uncompetitive model before; now it’s on a very competitive one,” Ross argued.

On whether there is an asset bubble in the US, Mnuchin said what is happening in the country is a reflection of the programs being put in place. “As we look at US growth, it continues to look quite good and is a very attractive place to invest,” he added.

Asked about Canadian Prime Minister Justin Trudeau forming the Trans-Pacific Partnership (TPP) without US, he said, “We are fans of bilateral trading agreements. We believe in free and fair trade. Anyone who wants to do trade with us on reciprocal basis is free to do it. We’re looking to increase exports.”

On what is next for protections in the US, Ross listed property rights, steel and aluminum.

Regarding the globalization versus ‘America First’ debate at Davos, Mnuchin evaded any direct reply, but said it is an important forum and as the largest economy in the world, their objective is to be here to interact with important counterparts.

Ross, however, said, “Protections are essential to having markets operate properly, to have everyone play by the rules.”

On whether corporate tax rates are helping to boost investment, Mnuchin said, “The vote from the market is very positive. It’s up a lot, massive investment, many companies commit millions of dollars. Apple – what they’re bringing back in terms of cash, what they’re paying in taxes. 2.5 million people getting special bonuses. We’ve raised wages and bonuses. We couldn’t be happier with the response from business.”

On what Trump will say in his speech on Friday and who will write it, he said, “The president makes all the changes to his speech himself. It’ll be driven by his thoughts and his agenda. I don’t think there will be any inconsistencies with what we’ve said today. He’s been on an extraordinary number of trips this year, and his interest in coming to Davos is to interact other world leaders and make sure they understand his agenda.”

Regarding the risk of triggering a trade war, Ross said trade wars are fought every single day.

“Unfortunately every single day there are various parties violating the rules and taking advantage. There have always been trade wars; the difference now is US troops are now coming to the ramparts,” he said.-PTI

Comments

comments

Related Articles

E-paper Edition: January 19, 2019

ADVERTISEMENT

Star Tours

ADVERTISEMENT

Land Sea Homes

IMPORTANT

Please disable your ad blocker to view this site at it’s best, we do not display spam advertisements (Popups & full Page Ads) or any explicit material.
Advertisements serve as a minor source of income for maintaining the website.
Thanks

Submit Feedback – Website Department 

50 SPIRITUAL APPETIZERS – VINOD DHAWAN

50-ad-Indiapost

It’s a lovely book. It feels energetically clear and light. It’s easy to read, dip in and out and most importantly it offers information without fluff! Blessings on this project.

Jac O’Keeffe
Spirituality teacher based in USA.

*Available on Amazon, Flipkart & other online stores*

Follow us On Twitter

RT @IndiaToday: Here is everything you must know about the much-revered seer #ShivakumaraSwamiji who passed away at the age of 111 https:/…
h J R
@Indiapost_News
Salman Khan is returning as Inspector Chulbul Pandey in the third installment of the ‘Dabangg’ franchise !… https://t.co/uYxL9sQLLk
h J R
@Indiapost_News
Film choices are a reflection of her as a person. Read why Actress Tabu feels this. https://t.co/ux3mGOPc9g #tabu… https://t.co/G0F2WERR2j
h J R
@Indiapost_News
Since I started my career with his project…to be working with him again, it has sort of come a full circle.” -… https://t.co/QxB5i7f0Fu
h J R
@Indiapost_News

Polls

Is 10% quota for economically backwards a gimmick?

View Results

Loading ... Loading ...

Subscribe To Our Mailing List

Enter your email address:

Delivered by FeedBurner

Subscribe to IndiaPost by Email

Facebook





POPULAR CATEGORIES

Download Media Kit