Meanwhile, Yi, in an interview with Bloomberg News on Friday, had said that the discussion of trade with Mnuchin would be "uncertain and hard", and he insisted that China could withstand a prolonged trade fight with the US.
However, the treasury secretary from the USA, which continues to threaten more tariffs on China if there is no trade deal, played down the risk of a global economic conflagration.
After reports of rocky negotiations that almost aborted the issuance of a communique, finance ministers and central bank governors meeting in southern Japan affirmed language issued in Buenos Aires last December that offered tepid support for a rules-based multilateral trading system.
"Trump has said he'll decide whether to enact tariffs on another $325 billion in Chinese imports after the G-20 leaders" summit in Osaka at the end of the month, where he's expected to meet with Chinese President Xi Jinping.
Finance leaders from the Group of 20 (G20) are in agreement that global trade and geopolitical tensions are getting worse, insiders told news agencies on Sunday.
The U.S. side has been preparing to expand retaliatory tariff hikes of 25% on another $300 billion of Chinese products, and Mnuchin indicated it was prepared to take that step if negotiations with Beijing fail.
After fiery negotiations that almost aborted the issuance of a communique, finance ministers and central bank governors meeting in southern Japan repeated tepid support for a rules-based multilateral trading system.
The closed-door talks in Fukuoka, and parallel talks on trade and "digital economy" issues in Tsukuba, a city north of Tokyo, took place as the world's two largest economies remained mired in a tariffs war over trade and technology.
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U.S. Treasury Secretary Steven Mnuchin says he held a constructive meeting with the head of China's central bank and that their discussion on trade issues was "candid". "Our objective is to get the right agreement, not just to get an agreement".
International Monetary Fund (IMF) managing director Chris-tine Lagarde said that "the first priority should be to resolve the current trade tensions" while working to modernise international trading rules.
G-20 finance leaders said in a joint communique Sunday that trade and geopolitical tensions have "intensified" but vowed to protect global growth amid the trade war between the United States and China.
A Japanese official who declined to be named briefed reporters that "very many countries voiced concerns that escalation of the trade friction is a very significant downside risk to the world economy". -China trade war has tested the resolve of the group to show a united front as investors worry if policymakers can avert a global recession.
The IMF warned last week that a continuing U.S.
"Clearly there is a slowdown in Europe, there's a slowdown in China, there's a slowdown in other parts".
He said, "There's no question where we are now, that this is a result of them backtracking on significant commitments", adding, "For whatever reasons they chose to do that, I'll leave to them".
"We strive to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, to keep our markets open", they said. "That slowdown has gone on for the previous year", Steven Mnuchin told reporters on Saturday.