Divided G20 admits worsening trade wars a threat to world economy

US Secretary of Treasury Steven Mnuchin says there is a'strong consensus among G20 countries to close tax loopholes exploited by big tech firms

With Mexico deal done, US urges China to resume trade talks

However, as Reuters reported, a text has more or less been finalized, reportedly reading in part: "Most importantly, trade and geopolitical tensions have intensified".

Yi told Bloomberg Television in an interview broadcast Friday that he expected the meeting with Mnuchin to be "difficult".

After 30 hours of wrangling in what one official described as a "tense" atmosphere, G20 finance ministers and central bank chiefs drafted a final statement acknowledging that "growth remains low and risks remain tilted to the downside".

However, the G20 finance leaders agreed to compile common rules by 2020, .in order to close loopholes that are used by global tech giants to reduce their corporate taxes.

Trade negotiations have since stalled after Trump increased tariffs on $200 billion worth of Chinese imports to 25 percent last month.

Meanwhile, French Finance Minister Bruno Le Maire said there was a "real risk" that "this global economic slowdown could turn into a global economic crisis due to trade tensions".

Despite problems pointing to the ongoing trade war between the USA and China, . the finance leaders stopped short of calling for a resolution.

International Monetary Fund (IMF) Managing Director Christine Lagarde (R) and European Central Bank (ECB) President Mario Draghi (L) speak prior to the G20 finance ministers and central bank governors meeting in Fukuoka on June 8, 2019.

World Cup opening game draws record audience in France
Renard made amends after 35 minutes, the powerful central defender thumping a header home for her 21st global goal. Captain Amandine Henry, impressive throughout, wrapped up the win late on in this Group A encounter.

Destroy All Humans! Remake Announced, Launches in 2020
IGN gave the original Destroy All Humans! , which was created by the now-defunct developer Pandemic Studios, a 7 out of 10 . Together with a Furon called Pox-13, he needs to harvest human DNA and use it to bring down the U.S. government.

Sparks from rancher's hammer ignited California's largest wildfire
The fire was first reported at 2:50 pm along Highway 16 in Rumsey which hit 100 acres by 4:18 pm and by 7:30 pm grew to 600 acres. The National Weather Service is reporting strong winds, including gusts to 50 miles per hour north of Sonoma.

Uncertainty was sense that lingered among the finance ministers of G20 nations as they flew back to their respective countries after wrapping up a meeting in Japan.

The other top beneficiaries of the U.S. "We have plenty of other issues that we need to consider", he said.

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.

Trump has said he prefers deal-making on a country-to-country basis.

But US Treasury Secretary Steven Mnuchin said Washington was still prepared to impose more tariffs on China if President Donald Trump and China's Xi Jinping fail to strike a deal at the G20 summit later this month in Osaka. He gave no details. Speaking to American cable network CNBC on Sunday, Mnuchin said Trump will try to determine if his Chinese counterpart is willing to head towards what he calls the "right direction" to reshape the two sides' trade and commercial relationship.

But trade battles were front and centre of policymakers' minds as the United States and China continue to threaten each other with tariffs that economists fear could slam the brakes on global growth.

The Trump administration began slapping tariffs on imports of Chinese goods almost a year ago, accusing China of resorting to predatory tactics to give Chinese companies an edge in advanced technologies such as artificial intelligence, robotics and electric vehicles.

Latest News