US-China trade war could spur world economy into a crisis, leaders warn
THE trade dispute between the United States and China, which shows no signs of abating, could propel the world economy into a crisis, warned global finance leaders meeting in Japan
THE trade dispute between the United States and China, which shows no signs of abating, could propel the world economy into a crisis, warned global finance leaders meeting in Japan.
At the meeting of the Group of 20 major economies in the southern city of Fukuoka, the global finance leaders expressed their growing concern that there was increasing evidence that global economic growth is slowing amid President Trump's renewed trade war with Beijing. In a closing communique, officials at the G20 warned that trade tensions have 'intensified' and agreed to address the risks.
US Treasury Secretary Steven Mnuchin continued to blame China for prolonging the fight and insisted that the trade dispute was not hurting America's economy or hampering global growth.
'I don't think in any way that the slowdowns you're seeing in parts of the world are a result of trade tensions at the moment,' Mr Mnuchin told reporters on the sidelines of the G20.
US President Donald Trump is to meet President Xi Jinping soon, a critical encounter that could determine whether the world's two largest economies can resolve their dispute, reports the New York Times.
Talks between the two countries fell apart last month, with the US President accusing China of reneging on a trade deal and China insisting that the United States was not negotiating in good faith.
Tensions have since increased as Mr Trump raised tariffs on $250 billion worth of Chinese goods and threatened to tax nearly all Chinese imports. Beijing has responded with higher tariffs on American goods, and in a white paper released recently, Chinese officials vowed to 'never give in' on issues of principle.