The final communiqué of the meeting said the seven countries would use all policy tools-fiscal, structural and monetary-to boost economic growth.
The lack of consensus was reflected in the blandness of the meeting's closing statement, which avoided a precise trade agreement.
A senior Japanese Finance Ministry official said the most significant question pertained to Trump's USA tax cut proposal that could fuel America's economic recovery.
U.S. Treasury Secretary Steven Mnuchin wrapped up a meeting of the world's wealthiest nations with the assertion that the United States reserves the right to be protectionist.
German Finance Minister Wolfgang Schaeuble said Friday he would convey in his meeting with Mnuchin that the world needs USA leadership to help drive global growth.
Kristian Rouz - A Group of Seven (G7) meeting revealed the deepening divide between the attitudes of the increasingly protectionist USA and the rest of the world's largest economies, which are attempting to uphold the free trade approach to the global exchange in goods and services.
The deal would allow USA companies to ship liquefied natural gas to China and tackles a range of long-standing barriers, ending a ban on imports of US beef and moving a step closer to allowing Chinese poultry on American supermarket shelves.
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President Donald Trump has promised to cut excess spending as he tries to clean up the budget and decrease the deficit. Coats, however, described the threat as potentially "existential".
On that score, several senior European officials said they had been reassured by news of a new US-China trade deal, which they interpreted as a sign of flexibility and pragmatism on the part of the new administration, potentially suggesting fears of a new era of protectionism had been overstated. The Organization for Economic Cooperation and Development, a group representing many advanced economies, has urged the U.S.to lower its corporate tax rate.
"We reaffirm our existing G7 exchange rate commitments to market-determined exchange rates and to consult closely in regard to actions in foreign exchange markets", it said. "We will work to lift actual and potential growth, while ensuring that the fruits of economic growth are shared more widely", the statement said.
And the timing of the discussion couldn't be more apt.
The G-7 is made up of Canada, France, Germany, Japan, Italy, the United States, and the United Kingdom.
Trade issues are likely to be taken up at a G-7 leaders' summit on May 26 to 27 in Taormina, Sicily, that Trump will attend. Since taking office, his administration has issued a report that names two G-7 countries, Germany and Japan, for special monitoring due to their large trade surpluses with the USA and has sparked a trade battle with Canada, another G-7 country, by imposing higher tariffs on imports of Canadian softwood lumber.
In a final statement, the ministers said, "we reiterate our commitment to global economic and financial cooperation and we remain determined to use all policy tools - monetary, fiscal and structural - individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth".