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.

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