G20 frets over global economy amid US-China trade war

Treasury Secy Mnuchin: Pres. Trump to meet with Pres. Xi this month

Treasury Secretary Steven Mnuchin, speaking to reporters Saturday, said that the two presidents will meet while attending the June 28-29 summit of leaders of major economies in Japan, though he declined to provide other details.

After rocky negotiations that almost aborted the issuance of a communique, the G20 finance ministers and central bank governors gathered in Fukuoka, Japan and agreed to affirm language on trade issued in Buenos Aires, Argentina last December, the sources with knowledge of final communique language said.

The G-20 communique supported a push by Japan's finance minister Taro Aso for a policy response to aging populations, spanning fiscal and monetary policy to measures on boosting labor force participation. "If they're not, we will proceed with tariffs".

The analysts found that these countries benefited more from US tariffs on Chinese goods than Chinese tariffs on USA goods.

U.S. Treasury chief Steven Mnuchin said Sunday that President Donald Trump would be "perfectly happy" to tax more imports from China if the U.S. leader can not reach a trade deal with Chinese President Xi Jinping when they meet later this month. Most importantly, trade and geopolitical tensions have intensified.

Washington has put Huawei on a blacklist that effectively bans US firms from doing business with it, and has put pressure on its allies also to shut Huawei out, arguing that Huawei could use its technology to carry out espionage for Beijing.

"Global growth appears to be stabilizing and is generally projected to pick up moderately later this year and into 2020", the finance chiefs, including Mnuchin, said in an end-of-meeting communique. He noted that the meeting would have two parts - one focused on general macroeconomic issues, such as currencies, and a separate discussion about trade.

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China and the USA have publicly traded barbs since before the blacklist, but a June deal between Russia's largest network provider and Huawei to build 5G internet marked a significant escalation in the hostile dialog between the countries. Together they would encompass nearly everything China exports to the U.S.

President Donald Trump earlier suggested that the tariffs would force companies to find new suppliers.

There was no immediate word from the Chinese side about the meeting between Yi and Mnuchin.

Meanwhile, Beijing's tariffs on the United States have resulted in trade diversion mostly in soybeans, aircraft, grains, and cotton.

"We strive to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, to keep our markets open", they said. "We recognize the contribution that the multilateral trading system has made to that end".

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The G-20 group includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.



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