G-20 finance officials pledge to protect global growth

G-20 finance officials pledge to protect global growth

However, trade battles were front and center of policymakers' minds as the U.S. and China continue to threaten each other with tariffs that economists fear could slam the brakes on global growth.

Unease over trade tensions and their potential impact on other economies has deepened since Trump announced he would impose a five per cent tax on Mexican products starting Monday - a tax that would reach 25 per cent by October 1 if the Mexican government fails to stop the flow of Central American migrants into the US. "These include, in particular, intensified trade and geopolitical tensions", said the draft communique, which may yet change before it is released on Sunday.

Also, G20 leaders "will continue to address these risks and stand ready to take further action", the source told Reuters.

U.S. Treasury Secretary Steven Mnuchin, left bottom, and China's Finance Minister Liu Kun, right top, pose with other participants for a family photo of the G20 finance ministers and central bank governors meeting Sunday, in Fukuoka, western Japan. "We reaffirm our leaders' conclusion on trade at the Buenos Aires summit".

Most importantly, trade and geopolitical tensions have intensified.

Global growth appears to be stabilizing and is expected to pick up later this year and next year, the statement said.

Following 30 hours of wrangling in what one official described as a "tense" atmosphere, the G20 finance minister and central bank chiefs produced a final statement acknowledging that "growth remains low and risks remain tilted to the downside". At the same time he admitted that he would be willing to yield some of it to get a better deal in the ongoing "trade war" with China.

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The communique will be incorporated into proposals to be endorsed by the top leaders in Osaka.

Despite problems pointing to the ongoing trade war between the US and China, . the finance leaders stopped short of calling for a resolution. That is an absolutely false statement; the tariffs are taxes that US companies pay and they can either eat the cost of paying the higher taxes or pass it on to consumers. "If the ready to have equal consultations, our door is wide open".

Speaking Thursday in France, Trump said he plans to make a decision about ramping up tariffs on China after speaking with Xi at the summit in Osaka at the month's end.

Japan's position on the matter has remained unchanged, with no intention to discuss it, since Mnuchin proposed such a provision past year. "But there's no conclusion yet" on the language of trade, the official told reporters.

He and other members of the Trump administration maintain that the ripple effects of the billions of dollars in tariffs imposed by Washington on Chinese exports over the past year are creating new business opportunities for other businesses in the US and other countries.

The leaders in that communique called for reform of the World Trade Organization rules that were falling short of objectives with "room for improvement", pledging to review progress at the Japan summit.