G-20 finance officials pledge to protect global growth

NYT: Mnuchin places blame and renews China tariff threat amid impasse in trade talks

NYT: Mnuchin places blame and renews China tariff threat amid impasse in trade talks

But the final language deleted a clause to "recognize the pressing need to resolve trade tensions" from a previous draft being debated on Saturday.

Trump's threatened tariff hike came as G20 finance ministers meeting in Fukuoka, Japan, said that trade and geopolitical conflicts are risking global economic growth, but at the USA insistence, dropped a call to "recognize the pressing need to resolve trade tensions".

Despite problems pointing to the ongoing trade war between the US and China, . the finance leaders stopped short of calling for a resolution.

Officials said that although growth appears to be stabilising, it "remains low and risks remain tilted to the downside", according to the statement.

"Importantly, these results suggest that if the US follows through on its threat to impose 25 percent tariffs on its remaining $300 billion of imports from China, it could lead to substantially more import substitution, given that a much larger proportion of this tranche of imports comprise of electronic products", said the report.

He tweeted Sunday he had had a "constructive" meeting with China's central bank governor Yi Gang, during which there was a "candid discussion on trade issues".

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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. 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".

But there was an evident rift between most participants in the meeting and the US, which has shifted away from support for tackling issues in multilateral forums such as the World Trade Organization in favor of a country-by-country "America First" approach.

Leaders from some of the world's largest economies discussed concerns over trade tensions amid ongoing global issues such as the trade war between the United States and China. The next day, the Trump administration raised tariffs on billions of dollars of Chinese goods to 25 percent.

The widening fallout from the U.S. "Only one week was needed for the United States president's claim that he was ready to negotiate with Iran to be proven hollow", foreign ministry spokesman Abbas Mousavi said. On his part, Mnuchin said that the meeting would be pivotal in determining the direction of the trade war. Together they would encompass nearly everything China exports to the U.S.

But Mnuchin, who has co-led Washington's side in the stalled trade talks with U.S. Trade Representative Robert Lighthizer, said, "I'm hearing concerns if we continue on this path there could be issues. We recognise the contribution that the multilateral trading system has made to that end".

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