Talk on trade with China's central bank chief constructive: Mnuchin

Talk on trade with China's central bank chief constructive: Mnuchin

In fact, in the joint statement released on the final day, . a proposed clause to "recognize the pressing need to resolve trade tensions" was excluded.

Group of 20 finance leaders said on Sunday that trade and geopolitical tensions have "intensified", raising risks to improving global growth, but they stopped short of calling for a resolution of a deepening United States-China trade conflict.

Lagarde has previously described the trade wars as a "self-inflicted wound" and warned that US-China tariffs so far imposed and threatened could trim 0.5 percentage points off global GDP growth next year - an amount $455 billion larger than the entire South African economy.

According to a Japanese financial ministry official, rising trade tensions posed a serious downside risk for global economy.

However, as Reuters reported, a text has more or less been finalized, reportedly reading in part: "Most importantly, trade and geopolitical tensions have intensified".

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

Trump has already imposed tariffs on $200 billion worth of Chinese goods, but now is weighing whether to tax an additional $325 billion worth of Chinese products, a move that would encompass virtually all Chinese goods exported to the U.S. The world's two biggest economies have sparred for months over a trade deal, but not been able to reach an agreement. 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".

The bickering over trade language has dashed hopes of Japan, which chairs this year's G20 meetings, to keep trade issues low on the list of agendas at the finance leaders' meeting. Mr Trump has said he will decide whether to enact tariffs on another US$325 billion in Chinese imports after the G-20 leaders' summit in Osaka.

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.

Trump has also complained repeatedly about America's huge trade deficit with China - a record US$379 billion past year - which he blames on weak and naive negotiating by previous USA administrations.

Mnuchin said the United States was prepared to come to a deal with China, but also to maintain tariffs if necessary.

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.

The leaders in that communique called for reform of the World Trade Organization rules that were falling short of objectives with "room for improvement", pledging to review progress at the Japan summit.



Related Posts

Putin stands by China, criticizes U.S. over trade wars
Russian Federation has been economically isolated for years due to Western sanctions over its invasion of Crimea in 2014. We are not interested in this, and our American partners are not interested in this.

Mexico, U.S. Agreed on Border Policies Months Before Trump’s Tariff Threat
This is being done to greatly reduce, or eliminate, Illegal Immigration coming from Mexico and into the United States. Trump did not elaborate and the White House and State Department did not immediately respond to requests for comment.

Belgium star Yannick Carrasco reportedly confirms possible switch to Arsenal
He went on to say: 'I am aware that I am an important player for the team but I hope they let me leave . After a fifth-place finish and the Europa League final loss, Arsenal need to perform better in 2019/20.

Kevin Durant Listed As Questionable For Game 5 Following Practice
The Toronto Raptors beat the Golden State Warriors 105-9 2in Game 4 to take a commanding 3-1 series lead in the NBA Finals . I was more upset about the team than the eye".

Woman killed as crane smashes into flats during Texas thunderstorms
The woman died when the crane collapsed and cut through a number of apartment buildings, the Associated Press reported . More than 200,000 customers were affected by outages across North Texas as of 2 p.m., according to Oncor.

French Open trophy gaffe gives Australia another champion
She came back, played a lot of matches, a lot of smaller tournaments and made her way up the rankings and started to enjoy it. He's just as grateful for his friendship with Barty and her family as he is for the role he played in her success.

Father Says David Ortiz Shot, Wounded In Dominican Republic
The 43-year-old reportedly told the emergency room doctor , "Please don't let me die, I'm a good man", before going into surgery. Ortiz, who was born in Santo Domingo, played in the Major League Baseball for 20 seasons, most notably for the Red Sox.

Real Madrid announce Eden Hazard agreement
Whilst some think Real Madrid have got a steal ... "We look forward to welcoming him back to Stamford Bridge in the future". Thibaut Courtois is convinced Eden Hazard's arrival will be a difference maker for Real Madrid next season.

Microsoft Teases Xbox Scarlet Reveal in Hidden Codes - E3 2019
During the Xbox E3 briefing, Microsoft gave fans first details on the upcoming next-generation of Xbox consoles. Microsoft firmly inked in Project Scarlett's release date as the holiday season of 2020.

How to Watch the 2019 Tony Awards Live and Online
The play's director Sam Mendes also picked up the best direction of a play award, his first directing Tony. Other British winners included Ink's Bertie Carvel who was named best featured actor in a play.

© 2015 ExpressNewsline. All Rights reserved.