The Latest: G-20 finance officials: Trade risks intensifying
FUKUOKA, Japan (AP) — The Latest on a meeting of financial leaders of the Group of 20 major economies (all times local):
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.
U.S. Treasury Secretary Steven Mnuchin says he held 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.
Trade and economy ministers of the Group of 20 major economies are meeting in Japan to discuss ways to reorder trade rules and finances in an era of technological change and protectionism.
The meetings of financial leaders in the southern city of Fukuoka and of economic ministers in Tsukuba, near Tokyo, are aiming to forge a consensus on a range of issues to be endorsed by leaders who will meet in late June in Osaka.
The central bank governors and other financial regulators flagged risks to the global economy as Beijing and Washington clash over trade and technology.
U.S. Treasury Secretary Steven Mnuchin says he and his Japanese counterpart discussed the ongoing close cooperation between the U.S. and Japan across a number of economic and security issues.