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.
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.
-
Acid rain is back: the sequel nobody wanted
Under The Radar A 'forever chemical' in rainwater is reviving a largely forgotten environmental issue
-
Book reviews: 'Clint: The Man and the Movies' and 'What Is Wrong With Men: Patriarchy, the Crisis of Masculinity, and How (Of Course) Michael Douglas Films Explain Everything'
Feature A deep dive on Clint Eastwood and how Michael Douglas' roles reflect a shift in masculinity
-
Recreation or addiction? Military base slot machines rake in millions.
Under the Radar There are several thousand slot machines on military bases
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement