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“The U.S. is probably the most open market in the world,” Mr. Mnuchin said Saturday after the meetings. “We have very little or no tariffs,” unlike many other economies, he said. The administration’s trade proposals are meant to pressure other countries to fix unfair trade policies.

“We still need to see how Trump’s main policies are going to be spelled out,” said Domenico Lombardi, a former Italian representative to the IMF, now a director at the Center for International Governance Innovation.

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