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A8 WORLD NEWS
Monday 10 June 2019

G-20 finance officials pledge to protect global growth

By ELAINE KURTENBACH try-to-country basis. While
Associated Press there is no sign Beijing and
FUKUOKA, Japan (AP) — Fi- Washington are ready to
nance ministers and cen- resume trade talks that
tral bank chiefs from the stalled last month after 11
Group of 20 major econo- rounds of negotiations, U.S.
mies wrapped up a meet- Treasury Secretary Steven
ing in Japan on Sunday Mnuchin said he had a
with a pledge to use all the constructive meeting Sun-
policies they can to pro- day with China’s central
tect global growth from bank Gov. Yi Gang on the
disruptions due to trade sidelines of a financial lead-
and other tensions. ers’ meeting in Fukuoka.
The G-20 finance leaders In a Twitter post that
said in a joint communique showed the two clasping
that risks from trade and hands, Mnuchin said he
geopolitical tensions were and Yi “had a candid dis-
“intensifying.” They did not cussion on trade issues.” He
refer directly to the tariffs gave no details.
war between the United Japan’s Finance Minister Taro Aso, center right in front, and Bank of Japan Governor Haruhiko Mnuchin told reporters that
States and China, though Kuroda, center left in front, pose with other ministers and central bank governors during a family he expected that any ma-
leaders participating in the photo session of the G20 meeting Sunday, June 9, 2019, in Fukuoka, western Japan. jor progress in resolving the
meetings indicated it was Associated Press impasse would likely come
the No. 1 concern. But there was an evident “So it’s high time that we emphasized that the first at a meeting of Presidents
“We will continue to ad- rift between most partici- put an end to those ten- priority should be to resolve Donald Trump and Xi Jin-
dress these risks, and stand pants in the meeting and sions and we should avoid the current trade tensions ping during the G-20 sum-
ready to take further ac- the U.S., which has shifted trade wars which would — including eliminating ex- mit in late June in Osaka,
tion,” the statement said. away from support for have real deep negative isting tariffs and avoiding Japan.
“We reaffirm our commit- tackling issues in multilater- impact and long-term im- new ones — while we need Trump has yet to decide,
ment to use all policy tools al forums such as the World pact on global growth,” he to continue to work toward Mnuchin said, on whether
to achieve strong, sustain- Trade Organization in favor said. the modernization of the in- to impose more 25% tariffs
able, balanced and inclu- of a country-by-country He urged China and the ternational trade system,” on $300 billion worth of Chi-
sive growth, and safeguard “America First” approach. U.S. to resolve their disputes Lagarde said. nese exports. That would
against downside risks.” French Finance Minister through the WTO, saying it Japanese Finance Minis- be on top of tariffs of up to
Global growth appears Bruno Le Maire said the “is only within the multilater- ter Taro Aso appeared to 25% on $250 billion in Chi-
to be stabilizing and is ex- current global slowdown al framework that we can have wearied of the issue nese goods. Together they
pected to pick up later this was linked to political is- find long-term solutions for by the end of the meetings. would encompass almost
year and next year, the sues, “especially trade ten- present trade tensions.” “The China-U.S. issue is all everything China exports
statement said. sions.” Christine Lagarde, manag- you ask about. We have to the U.S.
ing director of the Interna- plenty of other issues that At the meeting of trade
tional Monetary Fund, like- we need to consider,” he and economy ministers in
wise was blunt in warning said. Tsukuba, a government
of the potential toll from While they urged the U.S. research hub, the officials
the tit-for-tat tariff hikes and to stick to the international endorsed a similar set of
other retaliatory moves rules that it spent decades recommendations, while
between Washington and promoting before Presi- also issuing a mild call to
Beijing with talks on re- dent Donald Trump took “handle trade tensions and
solving their dispute in a office, the officials both in to foster mutually benefi-
stalemate, saying that the the southern Japanese city cial trade relations.”
“road ahead remains pre- of Fukuoka and at parallel “We strive to realize a free,
carious.” talks on trade and the digi- fair, non-discriminatory,
“The principal threat stems tal economy in Tsukuba, transparent, predictable
from continuing trade ten- near Tokyo, said there is a and stable trade and in-
sions,” said Lagarde, add- consensus on the need to vestment environment, to
ing that the IMF estimates revamp the WTO to bring keep our markets open,”
the tariffs could reduce the it more in line with the digi- they said. “We recognize
level of global GDP by 0.5 tal economy realities of the our business community’s
percent in 2020, or about 21st century. call for the G20 to continue
$455 billion. Trump has said he prefers supporting the multilateral
“To mitigate these risks, I deal-making on a coun- trading system.”q