G20 finance chiefs to say trade row has 'intensified' but delete call for resolution

FUKUOKA, Japan: Group of 20 finance leaders said on Sunday that trade and geopolitical tensions have"intensified" but failed to express a pressing need to resolve them, in a final draft communique that said global growth is likely to pick up.

The communique also said that G20 finance leaders had agreed to compile common rules by 2020 to close loopholes used by global tech giants such as Facebook and Google to reduce their corporate taxes. The International Monetary Fund warned last week that the trade conflict would cut global growth next year, and financial markets had sold-off heavily as U.S.-Sino ties soured.

Mnuchin said U.S. President Donald Trump and Chinese President Xi Jinping would meet at a June 28-29 G20 summit in Osaka.

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Trade war, tariff threats to challenge G20 finance leaders' solidarity[FUKUOKA] 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. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »