United States urges Beijing to resume trade talks

Darnell Taylor
June 10, 2019

Trade and geopolitical tensions have "intensified".

"Had constructive meeting with PBOC Governor Yi Gang, during which we had a candid discussion on trade issues", Mnuchin wrote on Twitter.

Financial leaders of the world's biggest economies will say on Sunday that global growth is likely to pick up this year and the next, but that intensified trade and geopolitical tensions were among the key downside risks, the final draft communique showed.

"We discussed the ongoing close cooperation between the USA and Japan across a number of economic and security issues", Mnuchin said in a tweet.

According to finance ministers and central bank governors of the G20, global trade tensions are set to adversely impact economic growth in 2019 and 2020.

Finance ministers and central bank chiefs of the Group of 20 major economies have wrapped up a meeting in Japan with a pledge to use all the policies they can to protect global growth.

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International Monetary Fund chief Christine Lagarde singled out trade tensions as the "major" headwind facing the global economy, adding that it was a "significant risk on the horizon", in an interview with Japan's Nikkei daily on Sunday. An agreement on Friday - as the G20 meeting kicked off - by US President Donald Trump to not impose punitive tariffs on Mexican goods in return for Mexico's commitment to control migration flows into the US set a positive tone for the meetings. 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".

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.

"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", he said.

"We've explained numerous times we will proceed with the tax hike".

While they urged the U.S.to stick to the worldwide rules that it spent decades promoting before President Donald Trump took office, the officials both in the southern Japanese city of Fukuoka and at parallel talks on trade and the digital economy in Tsukuba, near Tokyo, said there is a consensus on the need to revamp the WTO to bring it more in line with the digital economy realities of the 21st century. Trump raised tariffs on about $200 billion in Chinese imports to 25% in response, and at the time hung out the possibility of further action.

At the Buenos Aires meeting, the G20 leaders described worldwide trade and investment as "important engines of growth, productivity, innovation, job creation and development". "We recognize our business community's call for the G20 to continue supporting the multilateral trading system".

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