Finance leaders pledge to protect economic growth from trade tensions, but don't call for U.S.-China resolution
Finance ministers and central bank chiefs from the Group of 20 wrapped up a meeting in Fukuoka, Japan, on Sunday with a pledge to do all they can to protect global economic growth from trade tensions and other issues.
In a joint communiqué, the finance leaders from the world's 20 major economies said that risks from trade battles were "intensifying," though the statement refrained from mentioning any specific conflict by name, including the growing rift between the United States and China.
The communiqué also said the leaders expect global growth, which is currently stable, to pick up later this year. However, the final version of the communiqué did not include a statement calling for the "pressing need to resolve trade tensions" that was bracketed in an earlier draft, meaning that not every official agreed to its inclusion in the final version. In fact, "fiery" negotiations over the language of the communiqué nearly derailed its issuance, Reuters reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The finance leaders also agreed to come up with a common rules system by 2020 to close loopholes used by tech giants, including Facebook and Google, to reduce their corporate tax rates.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
Today's political cartoons - May 11, 2024
Cartoons Saturday's cartoons - bathroom blues, family feud, and more
By The Week US Published
-
5 blustery cartoons about the Stormy Daniels testimony
Cartoons Artists take on gag orders, lurid details, and more
By The Week US Published
-
The Idea of You review: 'impossible escapism' starring Anne Hathaway
The Week Recommends Steamy romcom about a 40-year-old who falls for a boy band singer
By The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published