Trade war, tariff threats to challenge G20 finance leaders' solidarity

Widening fallout from the US-China trade war and escalating tariff threats will test the resolve of Group of 20 finance leaders to show a united front this week, as investors worry if they can avert a global recession with dwindling policy ammunition.

A senior US Treasury official said trade will be one of the topics of the meeting, both in the context on how it affects the global economy and how to"reduce some of the unfair trade practices that may exist".Tensions over trade could heighten challenges for G20 finance leaders to seek common ground on how to frame the issue in a communique expected to be released after their gathering.

Mr Trump said on Thursday he would meet President Xi Jinping at a G20 leaders' summit late this month and decide afterwards whether to hit Beijing with more tariffs. The International Monetary Fund on Wednesday warned that current and threatened US-China tariffs could cut global economic output by 0.5 per cent in 2020.

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