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U.S. Treasury Secretary Steven Mnuchin reiterated on Saturday that the Trump administration is pursuing over 3percent economic growth with the support of tax reforms and regulatory relief.

"The IMF is not a trade organisation, but we are concerned about trade because it has been a major engine for growth", Lagarde said.

Commissioner for Economic Affairs Pierre Moscovici agrees with the "wait and see" approach toward new US President Donald Trump mostly shared by the global elite in the in Davos.

Managing Director Christine Lagarde said on Thursday she believes the International Monetary Fund can work successfully with the Trump administration to improve the global trading system, but added that open trade must be preserved as a growth engine. But on Thursday, he ordered the Commerce Department to speed up an investigation into whether steel imports jeopardize USA national security - a move that could lead to tariffs on imported steel from countries such as Canada, Brazil and South Korea.

WASHINGTON (AP) — Global finance leaders on Saturday dropped a sharp condemnation of trade protectionism and references to climate change from a closing statement that wrapped up the spring meetings of the 189-nation International Monetary Fund and the World Bank.

The G-20 finance officials generally agreed with the IMF's assessment in its latest economic outlook - that global growth should pick up this year, helped by improving conditions in the United States and China, the world's two biggest economies.

The Treasury report did put China and five other nations including Japan and Germany on a "monitoring list" which will subject them to increased consultations aimed at lowering their large trade surpluses with the United States.

"What's not free and fair is if our market is open and other people either have high tariffs or have high import barriers".

Mr Mnuchin who met Mark Carney, the Governor of the Bank of England and head of the Financial Stability Board at the meetings, said he was encouraged by his dialogue with regulators.

"We're hoping they'll move in a rational manner from slogans to arguments and from arguments to decisions that will allow us to see where the American government wants to go", he said.

Meanwhile, German Finance Minister Wolfgang Schäuble called on the Trump Administration not to turn its back on trade liberalisation.

Mnuchin said the global economy continues to exhibit large and persistent external imbalances, "which contribute to the sentiment that the existing worldwide monetary and trading system does not benefit all".

Global trade requires "a level playing field", but it should not have any "distortive measures" or "protectionist measures going forward", she said.

Speaking at a separate G20 event in Germany, the country's economy minister, Brigitte Zypries, said a Trump-announced US probe into whether imports of foreign-made steel were hurting national security pointed toward "unwelcome protectionist tendencies".

However, Mr Mnuchin insisted that reforms would pay for themselves over a decade by stimulating the economy and boosting growth and tax revenues.

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