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September 27, 2018
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G20 finance ministers urge stepped-up dialog to end trade tensions

Finance ministers of the G20 group have warned against the repercussions of ongoing trade tensions on the global economy as their two-day summit came to an end with no breakthrough in efforts to resolve the tariff disputes with the US.
In a joint communiqué issued at the end of the summit in Argentina on Sunday, the finance ministers and central bank governors of the G20 member states voiced alarm over the risks facing the global economic growth “over the short and medium term.”
“These include rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth, particularly in some advanced economies,” said the senior officials of the 20 leading economies.
They described international trade and investment as “important engines of growth,” calling for stepped-up dialog “to mitigate risks and enhance confidence.”
The summit was held amid fears of an escalating global trade war ignited by a wave of tariffs introduced by the United States against China and its allies in the European Union.
The Sunday communiqué did not mention Washington’s economic policies as the core of the ongoing disputes, but it marked a sharper language compared to the statement issued in March, in which the ministers simply “recognize the need for further dialog.”
No significant consensus was reached in the latest G20 meeting on how to resolve the multiple disputes over US tariff actions.
US President Donald Trump says he is “ready” to intensify his trade war with China by imposing tariffs on all imports from the vast Asian country.
The US and China, the world’s largest economies and G20 member states, are involved in a bitter trade conflict. Washington and Beijing have so far imposed duties on $34 billion worth of each other’s imported products.
Presstv

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