G20: Trade and geopolitical tensions have “intensified”

• Trade and geopolitical tensions have “intensified.
•  U.S. Treasury Secretary Steven Mnuchin met People’s Bank of China (PBOC) Governor Yi Gang.

Over the weekend, the Group of 20 finance leaders met and comments came through today that trade and geopolitical tensions have “intensified”, which are raising risks to improve global growth. However, there were no precise comments related specifically to U.S.-China trade conflict. 

“Global growth appears to be stabilising 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. “However, growth remains low and risks remain tilted to the downside. Most importantly, trade and geopolitical tensions have intensified. We will continue to address these risks and stand ready to take further action.”

Trump  / Xi to meet at June 28-29 G20 summit in Osaka

During the meeting,'  U.S. Treasury Secretary Steven Mnuchin met People’s Bank of China (PBOC) Governor Yi Gang in the first meeting of high-level U.S. officials in a month. However, nothing is said to have corm from it although Mnuchin described the meeting as “constructive” and “a candid discussion on trade issues”, although we have not had any further details from it than that. The PBOC said in a statement that the two finance officials “exchanged views on global economic and financial situation, G20 issues, as well as topics of mutual interest”. Mnuchin said that U.S. President Donald Trump and Chinese President Xi Jinping would meet at a June 28-29 G20 summit in Osaka, but the meeting has not been confirmed by China.