International Monetary Fund Managing Director Christine Lagarde on Saturday urged G20 policymakers to reduce tariffs and other obstacles to trade, warning that the global economy had hit a “rough patch” due to the trade conflict.
“While the resumption of trade talks between the United States and China is welcome, tariffs already implemented are holding back the global economy, and unresolved issues carry a great deal of uncertainty about the future,” Lagarde said in a statement issued upon conclusion of the Group of 20 summits in Osaka, western Japan.
Meanwhile, G-20 leaders clearly confirmed the need for free, fair and non-discriminatory trade policy at a two-day summit that ended on Saturday, Japanese Prime Minister Shinzo Abe said.
“The global economy continues to face downside risks as trade tensions persist,” Abe told a news conference after chairing the summit.
“The G20 leaders agreed on the need for member countries to spearhead strong global economic growth,” while standing ready to take further action if needed, he said.
Also, the US and China agreed to restart trade talks and Washington will not level new tariffs on Chinese exports, China’s official Xinhua news agency reported, as Trump said the talks were “back on track”.