G20 Finance Ministers are meeting this weekend in Buenos Aires. In the backdrop -- trade tensions between the United States and China, and between the US and Japan, Canada and the European Union. Also under the spotlight is the relationship between the host Argentina and the IMF, which recently approved a 50-billion-dollar loan. CGTN's Joel Richards has this report.

JOEL RICHARDS BUENOS AIRES "The third G20 meeting of Finance Ministers and Central Bank Governors takes place in Buenos Aires this weekend with trade tensions dominating the meeting. The U.S. currently has placed tariffs on Chinese goods worth 35 billion US dollars, with President Trump threatening to slap tariffs on all imports from China, valued 505 billion dollars. But there is also a standoff between the European Union and the U.S. on steel and aluminum exports. IMF Director Christine Lagarde spoke about the impact of trade restrictions, the IMF forecasts, based on the restrictions in place so far."

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

JOEL RICHARDS BUENOS AIRES "This is Lagarde's first visit to Buenos Aires since Argentina and the IMF signed a 50 billion dollar deal. There were protests on Saturday - many Argentines associate with the economic crisis of the early 2000s with the IMF. Inflation is at the highest point in two years, the peso at a record low, but Largarde said she has full confidence in Argentina which will turn things around."

CHRISTINE LAGARDE IMF MANAGING DIRECTOR "We see the economic recovery picking up in early 2019 and continuing on to 2020. We also see inflation coming down during that period of time and for the moment if you were to ask me whether the partnership we have in place is working, whether it is effective, whether the authorities are on track, my answer is unequivocally, yes."

JOEL RICHARDS BUENOS AIRES "Meetings scheduled on Saturday and Sunday are mostly closed to the media. A U.S. official says U.S. Treasury Secretary Steve Mnuchin has no plans for talks with China. German Finance Minister Olaf Scholz said he expects little progress to be made on trade disputes. Joel Richards, CGTN, Buenos Aires."