US-China trade war not on the table at G20 finance track meeting

The United States (US)-China trade war was not on the table at a meeting between G20 finance ministers and central bank governors, amid a dispute that has threatened to reignite tensions between the world’s two largest economies.

The G20 finance track met for a fourth and final time under South Africa’s G20 presidency this week.

ALSO READ: Deputy Finance Minister hails 'constructive' G20 Finance Track talks

The two-day gathering in Washington wrapped up on Thursday on the sidelines of the annual International Monetary Fund (IMF) and World Bank meetings.

The G20 finance track focuses on global economic stability, improving international financial cooperation and addressing pressing global challenges.

China and the US have started charging additional port fees on shipping vessels amid renewed tensions.

This follows China’s rare earth export controls in response to new trade restrictions imposed by the Trump administration.

The port fees from both sides have caused fear among analysts, who said maritime trade has become a key battlefront between the two nations.

While trade is one of the biggest talking points at the G20, National Treasury director general Duncan Pieterse said the US-China tensions were not raised in the context of the bloc’s discussions.

“The key point I would highlight here [is that] we need to address excessive imbalances in the world but do so in a way that contributes to an open global economy and do so in a way that doesn’t compromise global growth.”

The upcoming G20 leaders summit will be hosted in Johannesburg in November, where member states will consolidate the year’s G20 policy agenda.