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G20 sees need for 'dialogue,' fails to defuse trade war threat

G20 sees need for 'dialogue,' fails to defuse trade war threat

"The global community must take resolute action against the threat posed by North Korea, and must act based on past lessons that dialogue with the country did not necessarily lead to de-nuclearisation", he said. Protectionism could damage growth, he added.

Spain's economy minister said that several countries attending the summit were critical of protectionist measures, while Argentina's treasury secretary said there is no vision that the world is nearing a trade war, and U.S. Treasury Secretary Steven Mnuchin said the tariffs were hardly an issue at the summit.

In a letter to G-20 central bankers and finance ministers, he said that cryptocurrencies are not risky for the global financial stability, as of today.

The G20 also called for continued global monitoring of cryptocurrencies such as bitcoin, and the risks they posed.

"There was an agreement (among the G20 finance leaders) that trade wars and protectionism were inappropriate", the official told reporters.

Others at the G20 meeting shared Europe's concerns.

Thomas Hulme, a solicitor at London law firm Mackrell Turner Garrett said policymakers will focus on anti-money laundering and consumer protection this week, including regulatory measures like the one given by the UK's Financial Conduct Authority (FCA) to USA crypto exchange giant Coinbase last week.

More news: Sensex today: Markets opened higher at 33090.82 points, PSU banks gain

Japanese authorities were alarmed by the recent ¥58 billion ($547 million) theft from the Tokyo-based Coincheck Inc. exchange, with the country's regulators calling on the operators of virtual currency trading platforms to initiate suitable risk management systems.

Mr Morrison said while there were signs strong global economic growth should continue, there were risks, including a retreat to inward-looking policies.

Mnuchin said he has had very direct conversations with his counterparts in China and that he looks forward to working with Liu He, China's newly-installed, Harvard-educated vice premier in charge of financial and industrial policy, on getting better access to the Chinese market. "We will implement structural reforms to enhance our growth potential".

"Strong fundamentals, sound policies, and a resilient worldwide monetary system are essential to the stability of exchange rates, contributing to strong and sustainable growth and investment".

Furthermore, the officials welcomed the OECD's interim report in part calling for taxation on e-commerce firms operating internationally. They will issue a communique on Tuesday wrapping up their talks.

But the European Union has threatened retaliatory tariffs on United States goods unless it is exempted.


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