Finance Ministers of G20 countries discussing fair tax reforms to boost growth

Finance Ministers of G20 countries discussing fair tax reforms to boost growth

"People talk about the economic risk of trade wars" however "they should be even more focused on the benefits of having a great trade agreement", Mnuchin said, noting that there's no evidence of the US economy taking a hit from tariffs. "We will continue to address these risks and stand ready to take further action".

The IMF warned last week that while growth was still expected to improve this year and next, the US-China tariff war could knock 0.5 percent from global GDP output in 2020, about the size of G20 member South Africa's economy.

The United States now is imposing 25% taxes on $250 billion in Chinese goods.

The meetings of financial leaders in the southern city of Fukuoka and of economic ministers in Tsukuba, near Tokyo, are aiming to forge a consensus on a range of issues to be endorsed by leaders who will meet in late June in Osaka.

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.

Trump has already imposed tariffs on $200 billion worth of Chinese goods, but now is weighing whether to tax an additional $325 billion worth of Chinese products, a move that would encompass virtually all Chinese goods exported to the U.S. The world's two biggest economies have sparred for months over a trade deal, but not been able to reach an agreement.

But the U.S.is still negotiating new trade deals with Japan after withdrawing from a Pacific Rim arrangement, the Obama-era proposed Trans-Pacific Partnership. -China standoff on tariffs could cut a half percentage point from the global economy in 2020.

He tweeted on Sunday he had had a "constructive" meeting with China's central bank governor Yi Gang, during which there was a "candid discussion on trade issues". "We have plenty of other issues that we need to consider", he said.

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Treasury Secretary Steven Mnuchin said the US remains open to continued negotiations with China on trade - just don't expect any break through this weekend. Beijing has counterpunched by targeting $110 billion worth of American products, focusing on farm goods such as soybeans in a deliberate effort to inflict pain on Trump supporters in the USA heartland.

US Treasury Secretary Steven Mnuchin renewed the Trump administration's threat of tariffs against China amid an impasse in trade talks with the nation, blaming Chinese officials for the breakdown in negotiations, The New York Times said Saturday.

"Our markets are completely open to them. But there's no conclusion yet" on the language of trade, the official told reporters.

The widening fallout from the US-China trade war has tested the resolve of the group to show a united front as investors worry if policymakers can avert a global recession.

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.

International Monetary Fund chief Christine Lagarde warned the tariffs could shave global GDP by 0.5 percent or about US$455 billion in 2020 and said trade conflicts constituted the "principal threat" to the global economic outlook.

The leaders in that communique called for reform of the World Trade Organization rules that were falling short of objectives with "room for improvement", pledging to review progress at the Japan summit.

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