Japan warns of possible escalation of trade tensions

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Added On April 14, 2019

 Japanese Finance Minister Taro Aso has urged G20 members to pay attention to the possible escalation of trade tensions as the global economy continues to slow down, with numerous challenges ahead.  

 
World News has more.
 
Aso, who is also the Japanese deputy prime minister, said on Friday that "the balance of risks remains skewed to the downside." 
 
Aso made the remarks in a news conference following meetings of G20 finance ministers and central bank governors, which were held on the sidelines of the 2019 Spring Meetings of the IMF and the World Bank.
 
Aso said, quote, "We must also be mindful of possibility of any escalation of trade tension, policy uncertainty, and geopolitical risks and sudden sharp tightening of financing conditions, against the backdrop of elevated financial vulnerability." 
 
G20 finance ministers and central bank governors met for the first time on Thursday and Friday under Japan's G20 presidency, where Aso called on members to jointly address issues such as global imbalances and aging. 
On Tuesday, the IMF lowered its global growth forecast for 2019 to 3.3 percent in the newly-released World Economic Outlook report.