Treasury Secy Mnuchin: Pres. Trump to meet with Pres. Xi this month

Donald Trump

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

"Importantly, these results suggest that if the US follows through on its threat to impose 25 percent tariffs on its remaining $300 billion of imports from China, it could lead to substantially more import substitution, given that a much larger proportion of this tranche of imports comprise of electronic products", said the report.

Also, G20 leaders "will continue to address these risks and stand ready to take further action", the source told Reuters. The country has hinted at cutting off the USA supply of rare earth elements and is also hitting America's education and tourist sector by announcing visa restrictions. They did not refer directly to the tariffs war between the United States and China, though leaders participating in the meetings indicated it was the No. 1 concern.

"A worsening of the worldwide climate and a real trade war would lead to an even more marked slowdown in global growth, with a direct impact on our jobs, companies, factories and sectors", Le Maire told AFP in an interview on the sidelines of the meeting.

But some analysts said the talks were less confrontational than they might have been. 'US sanctions show talks offer hollow' TEHRAN Iran said Saturday that new U.S. sanctions on its petrochemical industry show the hollowness of President Donald Trump's claims to be open to fresh negotiations with Tehran.

The G20 represents 19 of the world's largest developed and developing nations and the EU.

International Monetary Fund Managing Director Christine Lagarde emphasized that "the first priority should be to resolve the current trade tensions" while working to modernize international trading rules. "Only one week was needed for the USA president's claim that he was ready to negotiate with Iran to be proven hollow", foreign ministry spokesman Abbas Mousavi said.

Mnuchin warned, however, that if China does not want to move forward with the deal, Trump is "perfectly happy" to move forward with tariffs to "re-balance" the U.S. In a tweet, Mnuchin called the meeting "constructive" and "a candid discussion on trade issues", but offered no other details.

At the Buenos Aires G20 summit in December 2018, the USA and China agreed to a five-month trade truce to allow for negotiations to end their intensifying trade war.

The meeting is expected to put trade negotiations back on track, after talks broke down about a month ago amid tariff threats from both sides.

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.

The draft statement, to which all the G20 financial leaders have to agree, contains a sentence in square brackets - which means it was not yet agreed - that trade and investment were important engines of growth.

Trump will meet with Chinese leader Xi Jinping at the G-20 leaders' summit in Japan later this month. "The president will make a decision after the meeting".

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