By Jason Douglas

OXFORD, England--Policy makers in Europe and the U.S. shouldn't put up economic barriers in response to rising populism, U.S. Treasury Secretary Jacob Lew said Monday.

In remarks to students at Oxford University, Mr. Lew said barriers to trade, investment and immigration tend to reduce economic growth.

"The rise of populism is a challenge in so many parts of the world right now," he said. "The answer is not to put up borders that are impermeable."

Mr. Lew said the U.S. needs to reform business taxes and spend more on skills and infrastructure to assuage popular anger over perceived economic unfairness.

He added some countries in Europe need to raise corporate tax rates to deter corporate tax avoidance, without being more specific.

Write to Jason Douglas at jason.douglas@wsj.com

(END) Dow Jones Newswires

October 31, 2016 12:52 ET (16:52 GMT)

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