G20 Finance Ministers' Meeting: Economic leaders concerned by impact of US tariffs

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02:09

G20 finance ministers and central bank governors have met in the Argentinian capital of Buenos Aires. The gathering over the weekend came against the backdrop of escalating tension over trade and tariffs. Despite robust economic growth, member countries warned about increasing risks to the global economy. Joel Richards reports.

Finance ministers and central bank governors were treated to a tango show during the G20 meeting but few here are dancing in step to the same tune.

The family picture may have been all smiles, but the G20 called on the need for greater dialogue over trade in the face of growing conflicts.

JOEL RICHARDS BUENOS AIRES "The backdrop to this meeting was increasing tension over trade and tariffs. US President Donald Trump threatened on Friday to increase tariffs from current 34 billion to include all Chinese goods, valued at 500 billion."

At a side meeting of the biggest developing economies, the BRICS nations -- China, Brazil, Russia, India and South Africa -- agreed to "fight against trade protectionism together".

The IMF on Saturday issued a warning that new tariffs already in effect risk undermining the global economy.

CHRISTINE LAGARDE, MANAGING DIRECTOR INTERNATIONAL MONETARY FUND "In the worst case scenario, under the current measures and not taking in to account the most recent announcement it is in the range of 0.5% GDP on a global basis."

US Treasury Secretary Steven Mnuchin said the United States is looking for what it calls "fair and reciprocal trade", and denied the trade war is harming the US economy.

STEVEN MNUCHIN US TREASURY SECRETARY "But from macro standpoint, we do not yet see any significant impact on the economy but we will continue to monitor it."

Host Argentina promoted the G20 as the most important forum for dialogue and consensus but outside there were protests over the country's recently signed 50 billion dollar loan from the IMF. And with confirmation that Donald Trump will be in Buenos Aires for the leaders summit, there could be more protests to come. Joel Richards, CGTN, Buenos Aires.