The US Treasury Department has proposed the creation of a free trade area between the G7 countries

Secretary of the US Treasury Department Stephen Mnucin suggested that the G7 countries establish a duty-free zone.

Mnuchin said this during a meeting of Finance Ministers of the G20, DW reports.

"If Europe believes in free trade, then we are ready to sign an agreement on duty-free trade relations," the US minister said.

At the same time, he put forward a number of requirements for the establishment of a free trade area, in particular the abolition of all customs duties, trade barriers and subsidies by all countries that are planning to establish a free trade area.

On the statement, Mnuchin reacted to the Ministry of Finance of France. It was reported that, before talking about creating a free trade area, the United States should abolish duties on steel and aluminum, introduced in the bee-field in 2018.

"We refuse to negotiate under the gun," said French finance minister Bruno Le Mer.

On July 17, it became known that the EU and Japan signed an agreement on the creation of the largest free trade area in the world in response to the customs policy of the administration of the United States, Donald Trump.

Recall that on June 20, the European Commission finally approved customs duties on American imports in response to US customs duties on steel and aluminum. In particular, new tariff restrictions would apply to US goods worth a total of $2.8 billion.

On June 14, the European Union unanimously supported the introduction of US customs duties as a response to America's imposed steel and aluminum duties. After that, a decision by the European Commission was required.

On July 11, it became known that Donald Ramp is preparing to introduce a further portion of customs duties on imports of Chinese goods at a rate of 10%. The customs duties will apply to goods, the total cost of which is $200 billion.

On July 6, the Chinese authorities put in place a decision to impose customs duties US $34 billion in US imports a few hours after the $34 billion customs duty imposed on the Chinese goods came into force in the United States.

June 22, Donald Trump wrote on Twitter , considering the possibility of imposing duties on European cars in the amount of 20%. The EU has been informed that they are prepared to take a similar step in response.

On June 21, it became known that India and Turkey introduced customs duties on US goods .

Donald Trump introduced import duties on steel (25%) and aluminum (10%). The orders signed by the president came into force on March 23. Mexico, Canada and the EU were temporarily excluded from the list of countries.

On May 31, Trump canceled temporary exceptions for steel and aluminum from the EU, Canada, and Mexico. The EU has been told to introduce countermeasures .

The European Union and Canada were preparing to address the issue of the introduction of US customs duties on steel and aluminum through the mechanisms of the World Trade Organization. In particular, countries have already sent their complaints there.

In early June, it became known that the European Union announced plans to introduce additional duties of 2.8 billion dollars of American goods in response to Washington's decision to introduce tariffs for European steel and aluminum.

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