G20 finance leaders agree trade tensions have 'intensified'

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"We reaffirm our leaders' conclusions on trade from the Buenos Aires Summit and recognize the pressing need to resolve trade tensions", the sentence still under discussion said.

Vietnam is by far the biggest victor, having gained 7.9 percent of its gross domestic product (GDP) from trade diversion from both the USA and China tariffs, according to an analysis by Japanese investment bank Nomura.

The world's top finance policymakers Sunday weighed the impact of ballooning trade tensions on the global economy amid differences over the extent to which they are dragging on growth.

U.S. Treasury Secretary Steven Mnuchin says he and his Japanese counterpart discussed the ongoing close cooperation between the U.S. and Japan across a number of economic and security issues.

The leaders said that despite the risks, global growth appeared to be stabilizing and was expected to pick up later this year and next year.

They are concerned trade and geopolitical tensions have "intensified" to the point where they are threatening the global economy. "We will continue to address these risks, and stand ready to take further action".

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Finance ministers and central bank chiefs from the Group of 20 major economies met Sunday in Japan and indicated rising trade tensions between the US and China was the main concern.

As companies move out of China in order to avoid United States tariffs, "there's going to be a big economic opportunity for a lot of other countries", he said.

"The two countries don't have any issues on this point", Aso told a news conference after a meeting of G20 finance leaders in Fukuoka, southern Japan. If it materializes, the face-to-face meeting would offer a chance to put negotiations back on track after talks hit an impasse a month ago and both sides have since then increased punitive tariffs and taken other actions that raised tensions and complicate a resolution. According to the New York Times, the Chinese government has warned global tech giants that they could face "dire consequences" if they cooperate with the Trump administration's ban on sales of key American technology to Chinese firms.

The deletion, which G20 sources told the Reuters news agency came at the insistence of the USA, shows a desire by Washington to avoid encumbrances as it increases tariffs on Chinese goods.

Japan's Finance Minister Taro Aso, center, poses next to IMF Managing Director Christine Lagarde, center left, and Bank of Japan Governor Haruhiko Kuroda, center right, during a family photo of the G20 finance ministers and central bank governors meeting Saturday, June 8, 2019.

The G-20 group includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union. He also said that, as of Saturday, there were no plans for cabinet-level officials to travel to Beijing or Washington to prepare for the two presidents' summit.

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