After the several allegations that President Donald Trump’s “America First” program is inflicting damage to globalization and trade, senior U.S. officials responded defensively just before Trump’s trip and speech at the World Economic Forum in Davos.
According to Reuters, U.S. Treasury Secretary Steven Mnuchin trying to keep up with Trump’s combative trade stance, also welcomed a weaker U.S. dollar, helping to send the world’s reserve currency to a three-year low against a basket of major peers.
“Obviously a weaker dollar is good for us as it relates to trade and opportunities,” Mnuchin said during a press briefing in the Swiss ski resort.
Indian Prime Minister Narendra Modi, Canada’s Justin Trudeau and Brazilian President Michel Temer were one of the several world leaders that raised their concerns at the summit about the growing protectionism America displays as result of Trump’s policies.
Wednesday evening German Chancellor Angela Merkel and French President Emmanuel Macron are also set to give their speeches.
Trump previously threatened that he will withdraw from the North American free-trade agreement (NAFTA), as well as dismissed that global climate change is happening and backed off the Paris Climate accord while criticizing global institutions including the United Nations and NATO.
Trump will arrive at Davos on Thursday and is schedueled to deliver a speech to the Forum on Friday.
Reuters reported that Mnuchin and U.S. Commerce Secretary Wilbur Ross mounted a joint defence of Washington’s aggressive trade actions in Davos on Wednesday and said more were to come.
“This is about an America First agenda. But America First does mean working with the rest of the world,” Mnuchin told Reuters reporters.
“It just means that President Trump is looking out for American workers and American interests no different than he expects other leaders would look out for their own.”
Ross also added that U.S. trade actions were a result of “inappropriate behaviour on the part of our trading counterparties.”
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