G-20 finance officials: Trade risks intensifying

Associated Press

FUKUOKA, Japan

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.

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

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

The leaders said that despite the risks, global growth appeared to be stabilizing and was expected to pick up later this year and next year.

Earlier Sunday, U.S. Treasury Secretary Steven Mnuchin says he had a constructive meeting with the head of China’s central bank and that their discussion on trade issues was “candid.”

Mnuchin made the comment in a Twitter post Sunday showing him shaking hands with Yi Gang, governor of the People’s Bank of China.

The two met on the sidelines of the G-20 finance meeting in Japan.

Mnuchin earlier urged China to rejoin talks on the dispute that has embroiled the two largest economies in a trade war. He said he would hold a “private” discussion with Yi and that major progress on the stalemate would likely come at a meeting of Presidents Donald Trump and Xi Jinping later this month.

In diplomatic speak, “candid” often suggests a degree of disagreement.