Economy

Trump, Xi to meet at G-20 as trade hostilities persist

Trump, Xi to meet at G-20 as trade hostilities persist”

Appropriately for a meeting held in Japan - which is on track to become the world's first "super-aged" society in which more than 28 percent of the population is over 65 - the ministers discussed for the first time the "challenges and opportunities" posed by ageing.

The final communique will also say the G20 leaders "will continue to address these risks and stand ready to take further action", the source told Reuters.

Officials said that although growth appears to be stabilising, it "remains low and risks remain tilted to the downside", according to the statement.

In a joint statement following a two-day meeting of G-20 leaders in Japan ahead of the group's annual summit, the 20 world leaders issued a joint statement noting that many ministers "expressed serious concerns about the current tensions surrounding trade".

It also said that G20 finance leaders had agreed to compile common rules by 2020 to close loopholes used by global tech giants such as Facebook and Google to reduce their corporate taxes.

Washington has put Huawei on a blacklist that effectively bans USA firms from doing business with it, and has put pressure on its allies also to shut Huawei out, arguing that Huawei could use its technology to carry out espionage for Beijing.

But the final language reportedly excluded a proposed clause to "recognise the pressing need to resolve trade tensions" from a previous draft that was debated on Saturday.

But the United States is prepared to levy tariffs on virtually all remaining Chinese imports if the "right deal" can not be reached to satisfy U.S. demands for better Chinese protections of intellectual property and curbs to technology transfers and state subsidies, Mnuchin said.

"Vietnam is visibly reaping the benefits of supply-chain migration with strong foreign direct investment (FDI) flows", Citi analysts said in a report.

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

This comes as the International Monetary Fund warned last week that while global growth is still expected to improve this year and next, . the U.S.

"It's doable, it's more than doable", he told reporters.

"Although I don't like them, I do appreciate the impetus for these issues", added the top U.S. finance official.

U.S. Treasury Secretary Steven Mnuchin met People's Bank of China (PBOC) Governor Yi Gang. He noted that the meeting would have two parts - one focused on general macroeconomic issues, such as currencies, and a separate discussion about trade.

The Buenos Aires meeting launched a five-month trade truce between the United States and China to allow for negotiations to end their deepening trade war.

While they urged the U.S.to stick to the worldwide rules that it spent decades promoting before President Donald Trump took office, the officials both in the southern Japanese city of Fukuoka and at parallel talks on trade and the digital economy in Tsukuba, near Tokyo, said there is a consensus on the need to revamp the WTO to bring it more in line with the digital economy realities of the 21st century.

President Trump and China's President Xi Jinping, seen in an undated photo, are scheduled to meet later this month in Japan. "The president will make a decision after the meeting".



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