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

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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.

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