G20 finance chiefs cite 'intensified' trade row, but don't call for its resolution

FUKUOKA, Japan - Group of 20 finance leaders said on Sunday that trade and geopolitical tensions have “intensified”, raising risks to improving global growth, but they stopped short of calling for a resolution of a deepening U.S.-China trade conflict.

“Global growth appears to be stabilizing, and is generally projected to pick up moderately later this year and into 2020,” the G20 finance leaders said in a communique issued as the meetings in Fukuoka closed. The communique also contained pledges to increase debt transparency on the part of both borrowers and creditors and to make infrastructure development more sustainable, an initiative launched in the wake of complaints that China’s massive Belt and Road infrastructure drive was saddling poor countries with debt they can’t repay.

International Monetary Fund Managing Director Christine Lagarde said she “emphasized that the first priority should be to resolve the current trade tensions” while working to modernize international trading rules.The IMF warned earlier this week that while growth was still expected to improve this year and next, the U.S.-China tariff war could lop 0.5 percent from global GDP output in 2020, about the size of G20 member South Africa’s economy.

The bickering over trade language has dashed hopes of Japan, which chairs this year’s G20 meetings, to keep trade issues low on the list of agendas at the finance leaders’ meeting.

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