Group of 20 finance leaders said today that trade and geopolitical tensions have "intensified" but failed to express a pressing need to resolve them, in a final draft communiqué that said global growth is likely to pick up.
"However, growth remains low and risks remain tilted to the downside. Most importantly, trade and geopolitical tensions have intensified. We will continue to address these risks, and stand ready to take further action," the communiqué said. The G20 finance leaders' final communiqué language excluded a proposed clause to "recognise the pressing need to resolve trade tensions" from a previous draft that was debated on Saturday.
US Treasury Secretary Steven Mnuchin said on Saturday he did not see any impact on US growth from the trade conflict, and that the government would take steps to protect consumers from higher tariffs.The widening fallout from the US-China trade war has tested the resolve of the group to show a united front as investors worry if policymakers can avert a global recession.
Mnuchin described the planned meeting as having parallels to the two presidents' 1 December meeting in Buenos Aires, when Trump was poised to hike tariffs on $200 billion worth of Chinese goods.