G-20 finance ministers divided over whether resolving trade tensions is 'pressing'

Financial leaders of the Group of 20 gathered on Saturday in Fukuoka, Japan, to discuss how to adapt global finance in the midst of trade battles and digital disruptions, The Associated Press reports.

The officials warned that trade tensions threaten an expected pick-up in economic growth in 2020. "Risks remain tilted to the downside," the draft G-20 communique said, but there was no consensus among the group if the need to resolve those tensions is "pressing," Reuters reports. The group has not yet unanimously decided what role they hope trade will play in the global economy going forward. As it stands, Reuters writes, there is a bracketed section in the draft communique which points to trade and investment as important engines of growth and makes resolving tensions a priority, but that section could still be removed. One official from Japan's finance ministry told reporters there appears to be momentum toward reflecting the group's concern over resolving the issue in its official communique, but there is no conclusion yet.

U.S. Treasury Secretary Steven Mnuchin, on the other hand, said the other leaders had not expressed concern over President Trump's protectionist trade policies, particularly concerning the U.S. and China. He did add that "if we continue down this path there could be issues. There will be winners and losers."

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