USA urges Beijing to resume trade talks

US Treasury Secretary Steven Mnuchin spoke at a panel on global taxation at G-20 after the French and British finance ministers expressed sympathy with Mr Mnuchin's concerns that new tax rules do not discriminate against particular firms

In the build up to the meeting, Federal Reserve Governor Jerome Powell signaled a willingness to act if the economy needs it, European Central Bank Governor Mario Draghi vowed to support growth while the PBOC's Yi said he has "tremendous" policy options to stoke demand.

Following a G20 meeting Sunday that brought into sharp focus the differences between the United States and other countries, the world's top financial policymakers admitted that trade tensions had worsened and posed a threat to the global economy. The statement also contains no admissions that the deepening U.S. Following 30 hours of wrangling in what one official described as a "tense" atmosphere, G20 finance minister and central bank chiefs produced a hard-fought final statement acknowledging that "growth remains low and risks remain tilted to the downside".

The G20 finance leaders' final communique language excluded a proposed clause to "recognize the pressing need to resolve trade tensions" from a previous draft that was debated on Saturday.

"We will continue to address these risks, and stand ready to take further action", the statement said.

Federal Reserve Chairman Jerome Powell (L) talks with US Treasury Secretary Steven Mnuchin during the G20 finance ministers and central bank governors meeting in Fukuoka on June 8, 2019. In a tweet, Mnuchin called the meeting "constructive" and "a candid discussion on trade issues", but offered no other details.

The US official also warned that the country will still be maintaining its elevated tariff rates to make up for its deficit; at least until a trade deal with China is finalized.

"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.

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The meeting comes just weeks before world leaders, including President Trump and Chinese President Xi Jinping, head to Osaka, Japan, for the G-20 summit. "If the U.S.is ready to have equal consultations, our door is wide open".

The two met on the sidelines of the G-20 finance meeting in Japan. "If they don't, we'll proceed with our tariffs".

If the sentence is dropped from the final statement, it would mean rowing back on an agreement reached by G20 leaders past year in Argentina that while the existing global trade system - the World Trade Organisation - needs improvement, it helps world growth and should be fixed.

Mnuchin's words double down on the contradictory arguments made by US President Donald Trump in May, after he put the Chinese 5G technology pioneer on the US companies blacklist.

Trump's threatened tariff hike came as G20 finance ministers meeting in Fukuoka, Japan, said that trade and geopolitical conflicts are risking global economic growth, but at the US insistence, dropped a call to "recognize the pressing need to resolve trade tensions". Washington raised tariffs on Chinese goods and threatened new levies, while Beijing has retaliated.

As this year's June 28-29 G20 summit in Osaka approaches, Trump is preparing to launch 25% tariffs on virtually all Chinese imports so far untouched by the two countries' tariff war.

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