G20 frets over global economy amid US-China trade war

19 April 2018 in Paris shows the tablet and smartphone apps for Google Amazon Facebook and the Apple Store

But the final language reportedly excluded a proposed clause to "recognise the pressing need to resolve trade tensions" from a previous draft that was debated on Saturday.

The G-20 finance leaders said Sunday in a joint communique that risks from trade and geopolitical tensions were "intensifying".

Aso went on say "market confidence could be eroded" if China and the United States did not resolve their ongoing trade war.

However, the G20 finance leaders agreed to compile common rules by 2020, .in order to close loopholes that are used by global tech giants to reduce their corporate taxes.

However, as Reuters reported, a text has more or less been finalized, reportedly reading in part: "Most importantly, trade and geopolitical tensions have intensified".

"We will continue to address these risks, and stand ready to take further action", the statement said.

United States Treasury Secretary Steven Mnuchin tweeted yesterday that he had a "candid" and "constructive" talk on trade issues with People's Bank of China governor Yi Gang.

US President Donald Trump is expected to meet with his Chinese counterpart, Xi Jinping, at the G-20 leaders' summit in Osaka, Japan, to be held later this month. The PBOC said in a statement that the two finance officials "exchanged views on global economic and financial situation, G20 issues, as well as topics of mutual interest".

President Trump last month said a meeting with Xi would be "very fruitful", noting the U.S.is in a "great position'" for discussing a potential trade deal.

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"The two countries don't have any issues on this point", Aso told a news conference after a meeting of G20 finance leaders in Fukuoka, southern Japan.

It said, "We reaffirm our commitment to use all policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks".

China's Yi said in a Bloomberg interview on Friday that his meeting with Mnuchin would be a "productive talk, as always", though the topic of the trade war would be "uncertain and hard". The statement also contains no admissions that the deepening US-China trade conflict was hurting global growth.

But the United States is prepared to levy tariffs on virtually all remaining Chinese imports if the "right deal" can not be reached to satisfy USA demands for better Chinese protections of intellectual property and curbs to technology transfers and state subsidies, Mnuchin said.

Trump took that step in May and will be ready to impose similar 25% tariffs on a remaining $300 billion list of Chinese goods around the time of the Osaka summit.

The widening fallout from the U.S.

In another key bilateral meeting with Mr Mnuchin, Japanese Finance Minister Taro Aso said yesterday that he did not raise the issue of whether to include a currency provision in a two-way trade deal with the US. "We recognise the contribution that the multilateral trading system has made to that end".

In December 2018, G20 leaders had come to an agreement about reviewing reforms in WTO during their summit scheduled to take place later this month.

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