G20 finance officials pledge to protect global growth

With Mexico deal done US urges China to resume trade talksMore

"Most importantly, trade and geopolitical tensions have intensified", the G20 said, adding they "stood ready to take further action" if required.

Mnuchin said he planned to have a private conversation with the head of China's central bank, Yi Gang.

Aso and Mnuchin held talks on the sidelines of the Group of 20 meeting of finance ministers and central bank governors in the city of Fukuoka.

In separate comments this week, Fed Chair Jerome Powell and his No. 2, Richard Clarida, reassured nervous investors they're watching closely for signs that disputes between the USA and its trading partners are denting the outlook for the world's largest economy.

However, the G20 finance leaders agreed to compile common rules by 2020, .in order to close loopholes that are used by global tech giants to reduce their corporate taxes.

China's central bank governor, Yi Gang, said in a Bloomberg interview his meeting with Mnuchin will be a "productive talk, as always", though the topic of the trade war would be "uncertain and hard". Mnuchin said he had no direct message to give to Yi, who has participated in the 11 rounds of talks so far on resolving the dispute between the world's two largest economies over technology and trade. The PBOC said in a statement that the two finance officials "exchanged views on global economic and financial situation, G20 issues, as well as topics of mutual interest".

China is open for more trade talks with Washington but has nothing to announce about a possible meeting between the Chinese and US leaders at this month's G20 summit, the Foreign Ministry said on Monday.

"To mitigate these risks, I emphasized that the first priority should be to resolve the current trade tensions - including eliminating existing tariffs and avoiding new ones - while we need to continue to work toward the modernization of the worldwide trade system", Lagarde said.

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Mnuchin described the planned meeting as having parallels to the two presidents' December 1 meeting in Buenos Aires, when Trump was poised to hike tariffs on $200 billion worth of Chinese goods.

Japanese Finance Minister Taro Aso appeared to have wearied of the issue by the end of the meetings. "If they're not, we will proceed with tariffs".

Japan's position on the matter has remained unchanged, with no intention to discuss it, since Mnuchin proposed such a provision past year.

Trade battles were front and centre of policymakers' minds as the U.S. and China continue to threaten each other with tariffs that economists fear could hamper global growth.

Trump's Mexico Tariff Deal Sends "Biggest" Message to China - Sen.

Trump took that step in May and is poised to impose tariffs on a remaining $US300 billion list of Chinese goods around the time of the Osaka summit. "The president will make a decision after the meeting".

He has claimed that the country agreed to purchase large amounts of USA agricultural products as part of the agreement, but Mexican officials say there is no such provision. That would be on top of tariffs of up to 25% on $250 billion in Chinese goods. "We recognize our business community's call for the G20 to continue supporting the multilateral trading system".

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