Published: Mon, June 10, 2019
Money | By Ethel Goodwin

Treasury Secy Mnuchin: Pres. Trump to meet with Pres. Xi this month

Treasury Secy Mnuchin: Pres. Trump to meet with Pres. Xi this month

Mnuchin's comments came on the sidelines of a meeting of finance ministers of G 20 economies in Fukuoka, Japan, and ahead of the Treasury Secretary's meeting with Yi Gang, the Governor of the People's Bank of China.

"We made enormous progress, I think we had a deal that was nearly 90% done", Mnuchin told CNBC.

Tariffs imposed by the world's top two economies could make a "significant dent" in the global recovery, added Lagarde.

"So now we need to just take the consensus across here and deal with technicalities of how we turn this into an agreement".

U.S. President Donald Trump is "perfectly happy" to hit China with new tariffs if his upcoming face-to-face with Chinese President Xi Jinping later this month does not go well. says his treasury secretary. "If we can't get the right agreement, we will proceed with tariffs", Mr Mnuchin said.

Japan's Finance Minister Taro Aso (C) stands with International Monetary Fund managing director Christine Lagarde (L) and Bank of Japan governor Haruhiko Kuroda (R) before a family photo of the G20 finance ministers and central bank governors meeting in Fukuoka on June 8, 2019. "The European Union was pushing for some advance on the trade side, which was extremely unlikely, and the U.S. looked in such a confrontational mood just before the meeting, so it was a really open question how it would go".

He urged China and the U.S.to resolve their disputes through the WTO, saying it "is only within the multilateral framework that we can find long-term solutions for present trade tensions".

"Global growth appears to be stabilizing and is generally projected to pick up moderately later this year and into 2020", the finance chiefs, including Mnuchin, said in an end-of-meeting communique.

Japan, the world's third-largest economy, is hosting the G-20 for the first time since it was founded in 1999.

Group of 20 finance leaders said on Sunday that trade and geopolitical tensions have "intensified", raising risks to improving global growth, but they stopped short of calling for a resolution of a deepening United States-China trade conflict.

"However. risks remain tilted to the downside".

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

The meetings were reportedly held on Tuesday and Wednesday last week, involving Microsoft and Dell, Britain's ARM, and South Korea's Samsung Electronics and SK Hynix.

Last week, China's Commerce Ministry said it will soon release a list of "unreliable" foreign companies in a move seen as a response to the USA decision to penalize Huawei for alleged theft of intellectual property and evasion of Iran sanctions.

"So I don't think in any way that the slowdown you are seeing in parts of the world are the result of trade tensions at the moment", he said.

Trump said on June 6 that he would wait until after the G20 summit before deciding whether to impose new tariffs on Chinese goods that could be worth $325 billion.

"We have to hurry up", stressed French Finance Minister Bruno Le Maire during a panel discussion of top policymakers before the G20 meeting officially opened.

At the meeting of trade and economy ministers in Tsukuba, a government research hub, the officials endorsed a similar set of recommendations, while also issuing a mild call to "handle trade tensions and to foster mutually beneficial trade relations".

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