G-20 finance leaders' goal: Adapt to turmoil in trade, tech

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Financial leaders from the Group of 20 are discussing how to help the global economy respond to the risks posed by digital disruptions and trade tensions.

Bank of Japan Governor Haruhiko Kuroda, center bottom, speak with other participants prior to G20 Finance Ministers' and Central Bank Governors' Meeting Saturday, June 8, 2019, in Fukuoka, western Japan.

Asked if other financial leaders attending the meetings in Fukuoka were raising concerns over the impact on global markets and trade from President Donald Trump’s crusade against huge, chronic U.S. trade deficits, especially with China, U.S. Treasury Secretary Steven Mnuchin said no. Their official agenda on Saturday was focused on longer-term, more technical issues such as improving standards for corporate governance, policing cyber-currencies and reforming tax systems to ensure they are fair for both traditional and new, online-based industries.

Some European members of the G-20, especially, want to see minimum corporate tax rates for big multinationals. France and Britain have already enacted stop-gap tax systems for digital businesses, but they are not adequate, said French Finance Minister Bruno Le Maire. “The growth has been exponential but we cannot capture this growth in our GDP as well as in our tax revenue,” said Indonesian Finance Minister Mulyani Indrawati.

 

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A

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