G-20 Officials Voice Concern over Trade Tensions(

July 22, 2018

Buenos Aires- Many delegates expressed concerns about escalating trade tensions on the first day Saturday of a two-day meeting of the finance ministers and central bank chiefs from the Group of 20 major economies.

Speaking to reporters after Saturday's talks, Japanese Finance Minister Taro Aso said he told the gathering that trade protectionism does not benefit any country.

There was no direct criticism of U.S. President Donald Trump's protectionist trade policies during the talks, but some delegates expressed concerns about automotive tariffs being considered by the Trump administration, Aso said.

The G-20 officials also discussed the weakness of emerging market currencies.

Aso said that he told his G-20 counterparts that moves by advanced economies to end monetary easing could pose a risk to financial markets by causing capital outflows from emerging economies.

On the recent weakness of the yuan, the Japanese minister said he sought explanations from China about whether there was a change in Beijing's currency policy.

The Chinese side explained that Beijing is not deliberately weakening the yuan to gain a trade advantage, Aso said.

On the sidelines of the G-20 meeting, Aso held bilateral talks with Italian Finance Minister Giovanni Tria and French Finance Minister Bruno Le Maire. Jiji Press