Global finance leaders called on Sunday for stepped-up dialogue to prevent trade and geopolitical tensions from hurting growth, but ended a two-day G-20 meeting with little consensus on how to resolve multiple disputes over U.S. tariff actions.
The finance ministers and central bank governors from the world's 20 largest economies warned that growth, while still strong, was becoming less synchronized and downside risks over the short- and medium-term had increased.
"These include rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth, particularly in some advanced economies," the G-20 finance officials said in a communique.
"We ... recognize the need to step up dialogue and actions to mitigate risks and enhance confidence," the communique said.
This marked a strengthening of language compared to their previous statement issued in March, in which they simply "recognize the need for further dialogue."
"The latest language suggests a great deal of urgency about resolving these issues," Australia Treasurer Scott Morrison told Reuters in an interview, adding that the ministers had made it clear in the discussion that they were concerned about "tit-for-tat measures" and that open trade was the goal.