G20 finance officials pledge to protect global growth

The Associated Press

Finance Minister Taro Aso, center right in front, and Bank of Japan Gov. Haruhiko Kuroda, center left in front, pose with other ministers and central bank governors during a family photo session of the G20 meeting Sunday in Fukuoka.

The Associated Press FUKUOKA (AP) — Finance ministers and central bank chiefs from the Group of 20 major economies wrapped up a meeting in Japan on Sunday with a pledge to use all the policies they can to protect global growth.

The G20 finance leaders said in a joint communique that risks from trade and geopolitical tensions were “intensifying.”

“We reaffirm our commitment to use all policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks,” the leaders said. They added that despite the risks, global growth appeared to be stabilizing and was expected to pick up later this year and next year.

The leaders spent the weekend haggling over issues ranging from taxes to debt and artificial intelligence as China and the U.S. showed no sign of breaking their stalemate over trade and technology.

U.S. Treasury Secretary Steven Mnuchin said he had a constructive meeting with China’s central bank Gov. Yi Gang on the sidelines of a financial leaders’ meeting in the southern city of Fukuoka.

In a Twitter post that showed the two clasping hands, he said they “had a candid discussion on trade issues.” He gave no details.

The closed-door talks in Fukuoka, and parallel talks on trade and “digital economy” issues in Tsukuba, a city north of Tokyo, took place as the world’s two largest economies remained mired in a tariffs war over trade and technology. Talks stalled after 11 rounds of negotiations and both sides are threatening further action, adding to uncertainty and unnerving financial markets.Speech

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