G-20 Officials share worries about U.S.-China trade dispute

April 12, 2019

Washington--Finance ministers and central bank governors from the Group of 20 economies shared worries about a prolonged U.S.-China trade dispute at their two-day meeting that began in Washington on Thursday.

Participants examined risk factors amid growing concerns over a global economic slowdown.

From Japan, Finance Minister Taro Aso and Bank of Japan Governor Haruhiko Kuroda are taking part. This year, the Asian country holds the G-20 presidency for the first time.

"Discussions on the U.S.-China trade friction will not end easily," Aso told reporters.

Before Thursday's session, Kuroda said neither the United States or China will benefit from protectionist moves. "G-20 members need to continue making efforts" to realize free trade, he added.

The dispute between the world's largest and second-largest economies has reduced imports and exports, leading to a slowdown of the global economy connected through supply chains.

The International Monetary Fund expects the global economy to recover in the second half of the year thanks to an accommodative monetary policy by the U.S. Federal Reserve and stimulus measures by the Chinese government.

Citing the IMF outlook, Aso also said he expects the economy to regain momentum in the second half.

In December last year, the G-20 leaders stopped short of mentioning international fight against protectionism in their joint declaration due to a U.S. objection.

With a divide evident in the G-20 forum, the focus is whether Japan can lead discussions to rebuild cooperation among the G-20 members. Jiji Press