Nicolas Dujovne, chairman of the Group of 20 (G20) meeting of financial leaders, said after Friday's meeting that trade tensions between G20 members must be resolved by countries directly involved.
The G20 meeting, which took place during the International Monetary Fund (IMF) and the World Bank in Bali, was a forum of Member States to express their views on the U.S. -China trade war, but nothing else.
"We acknowledge that there are trade tensions between the G20 countries at present," Argentine Finance Minister Duhofne said at a news conference Friday, but he did not directly mention the United States or China. Argentina is the chairman of this year's G20.
"G20 can provide a platform for discussion. But the differences should be resolved by the member states directly involved in the tense situation.
The United States and China have imposed tariffs on hundreds of billions of dollars worth of goods in the past few months, causing turmoil in financial markets and raising concerns that a rise in protectionism could curb global economic growth.
Duhofne pointed out that although global growth forecasts remained stable, as downside risks became a reality, economies expanded unevenly.
"In terms of trade tensions, we all believe that international trade is an important engine of economic growth, and we need to defuse this tension because it will have a negative impact on market confidence and exacerbate financial turmoil," he said.
Duhovne avoided questions about how Japan should respond to trade frictions when it hosts the G20 next year, saying only that "Japan will determine priorities for work."
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