Australia's Cormann Expects Resolution to Global Trade Tensions
(Bloomberg) -- Trade tensions between the U.S. and China that are casting a shadow over robust global growth will likely be resolved, said Australian Finance Minister Mathias Cormann.
Cormann spoke as finance ministers and central bankers from around the world gather in Washington for the International Monetary Fund spring meetings, where trade tensions are expected to dominate discussions.
“That is what always happens, people bring their perspective and over time issues get sorted out," Cormann said in an interview on Wednesday. "That is what I expect will happen on this occasion."
U.S. President Donald Trump has vowed to shrink the trade deficit with China through measures that include tariffs on imported goods and by forcing China to curb government support for ambitious plans to develop a high tech economy. China has responded with tariffs and threats of its own, and even as it shows signs of relaxing curbs on foreign access to some parts of its economy, it has made clear it will fight back against U.S. protectionism.
Cormann, appointed minister for finance in September 2013, described the mood among officials at the meetings as the best he has seen. He played down concerns over a worry list that includes, apart from protectionism, rising levels of global debt and signs of excess in financial and real estate markets.
“There are a lot of people that are paid a lot of money to worry,” Cormann said. “Good luck to them.”
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