G20: Trade and geopolitical tensions have "intensified"

G20: Trade and geopolitical tensions have

But the ministers could only agree on a mild statement about the risks that the ongoing tensions pose to global economic growth.

The G20 source said that the communique to be issued later on Sunday will say: "Most importantly, trade and geopolitical tensions have intensified".

"To mitigate these risks, I emphasized that the first priority should be to resolve the current trade tensions - including eliminating existing tariffs and avoiding new ones - while we need to continue to work toward the modernization of the worldwide trade system", Lagarde said.

The United States is now imposing 25 per cent taxes on US$250 billion in Chinese goods. "Not the ideal outcome but a good outcome", said EU Economic and Monetary Affairs Commissioner Pierre Moscovici, who admitted that reaching agreement was "not an easy task".

"A worsening of the worldwide climate and a real trade war would lead to an even more marked slowdown in global growth, with a direct impact on our jobs, companies, factories and sectors", Le Maire told AFP in an interview on the sidelines of the meeting.

"I wouldn't say it's them against all the others but it looks like it sometimes, even if everyone also criticizes some aggression from China". Speaking to American cable network CNBC on Sunday, Mnuchin said Trump will try to determine if his Chinese counterpart is willing to head towards what he calls the "right direction" to reshape the two sides' trade and commercial relationship.

At the same time, the International Monetary Fund warned that the US-China tariff war could cut 0.5 percent from global GDP output in 2020, which is, for illustration, the approximate size of South Africa's economy. The meeting opened with news of US President Donald Trump's reversal of plans for new tariffs on Mexico, offering a sliver of good news for officials facing a lengthening worry list.

The Buenos Aires meeting launched a five-month trade truce between the USA and China to allow for negotiations to end their deepening trade war. "That slowdown has gone on for the a year ago", Steven Mnuchin told reporters on Saturday.

Mnuchin said Saturday that he would hold routine talks on various issues and then meet privately with Yi Gang, chairman of the People's Bank of China.

Mnuchin told CNBC that U.S. President Donald Trump will decide whether to impose tariffs on more Chinese goods after the two-day G-20 summit in Osaka beginning June 28. "There will be winners and losers", he said. The communique stopped short of calling for a resolution of the U.S.

Their official agenda on Saturday was focused on longer-term, more technical issues such as improving standards for corporate governance, policing cyber-currencies and reforming tax systems to ensure they are fair for both traditional and new, online-based industries.

Mnuchin told reporters that he expected that any major progress to resolve the trade war will come during Trump and Xi's meeting at the G-20 summit in late June.

Solving the issue will require wholesale changes to the way society is organised, added Gurria.

Related Articles

  • South Africa Vs West Indies scorecard

    South Africa Vs West Indies scorecard

    POINTS TABLEAfter a below par show so far, the Proteas desperately need a win to stay in contention for a spot in the semi-finals. Captain Faf du Plessis had his chance on Monday to put his side of the story and he followed the previously given timelines.
    The Pelicans have reportedly set the asking price for Anthony Davis

    The Pelicans have reportedly set the asking price for Anthony Davis

    For now, a Davis trade looms as a premium free-agent recruiting tool for those big-market teams engaged with New Orleans. All of the Los Angeles and NY franchises - the Lakers , Clippers , Knicks , and Nets - have inquired about Davis.
    UFC 238: Henry Cejudo beats Marlon Moraes

    UFC 238: Henry Cejudo beats Marlon Moraes

    Moraes picked apart Cejudo to open the first round, snapping lefts and rights before tearing him down with bruising leg kicks. Those being former champions Dominick Cruz and Cody Garbardnt, as well as bantamweight legend Urijah Faber .
  • Kevin Durant playing against Toronto could hurt the Phoenix Suns

    Kevin Durant playing against Toronto could hurt the Phoenix Suns

    Following the Game 1 loss in Toronto, Bogut was asked about his ability to stay ready and perform when his number was called. While Durant was able to get some work in, it apparently wasn't much, according to Friedell. "We'll gauge it from there".
    Beyond Meat sees sales more than doubling in 2019, shares jump 21pc

    Beyond Meat sees sales more than doubling in 2019, shares jump 21pc

    The fake meat maker posted a loss of $6.6 million in the quarter, compared to a loss of $5.7 million in that period a year ago. The excitement here is about the clear increase in demand for foods that resemble meat but aren't made out of it.
    Xbox Game Pass PC & Xbox Game Pass Ultimate Info Rolls Out Early

    Xbox Game Pass PC & Xbox Game Pass Ultimate Info Rolls Out Early

    Currently, the games don't show up on the Game Pass catalogue on either the console or PC versions of the store or website. Along with the $4.99 price per month, users will be able to save 20% off the price of a game in rotation, 10% off the DLC.
  • Kevin Durant Planning to Play in Game 5 of NBA Finals

    Kevin Durant Planning to Play in Game 5 of NBA Finals

    This past Sunday, Durant was practicing with the team, with Steve Kerr saying "He looked good, we'll see where it goes". Kevin Durant has been cleared to practice with the Warriors and the 2019 NBA Finals has taken another turn.
    Rapper Bushwick Bill of the Geto Boys Dies at 52

    Rapper Bushwick Bill of the Geto Boys Dies at 52

    Hip-hop heavyweights have been hit hard by the sudden news after conflicting reports that he had passed on Saturday. I was told it is mass with no objective . "This is a health issue". "So, I am like could it be cancer?"
    Belmont Stakes 2019: Watch Sir Winston win

    Belmont Stakes 2019: Watch Sir Winston win

    The remaining order of finish was Spinoff , Everfast , Intrepid Heart , War of Will , Bourbon War . Country House, a 65-1 underdog in the Derby, did not race on Saturday due to a virus.
  • Kathua rape case - Pathankot court holds 6 guilty, one acquitted

    Kathua rape case - Pathankot court holds 6 guilty, one acquitted

    Investigators said the attack was planned, in an effort to create fear among the Muslim tribe and force them to leave the village. No media were allowed into the courtroom for the verdict, and Asifa's immediate family members were not in attendance.
    Mexico’s foreign minister offers an wonderful  translation of Trump’s tweets

    Mexico’s foreign minister offers an wonderful translation of Trump’s tweets

    But Mexico's Foreign Affairs Minister Marcelo Ebrard on Monday said there were no undisclosed parts of the U.S. - Mexico deal. Mnuchin said he planned to have a private conversation with the head of China's central bank, Yi Gang.
    Local newspaper may have jinxed the St. Louis Blues

    Local newspaper may have jinxed the St. Louis Blues

    It has been so bad, in fact, that the top line has zero goals in the series when it is 5 on 5. Instead of Boston going on the power play with a chance to send the game to overtime, St.