As the finance minister and the central bank governors meet in Japan this weekend, they intend to make advancements in undealt issues including how much companies like Amazon and Facebook should pay in taxes.
They will probably focus most of their attention on how they hope to keep a check on global growth given how the world’s two leading economies are involved in an intensifying trade war.
Steven Mnuchin, the U.S. Treasury Secretary, was set to meet with the governor of China’s central bank, Yi Gang, at the G-20’s yearly financial get-together in Southern Japan.
However, it still isn’t clear if their meet-up might end up leading to a resurrection of those talks following many weeks of standstill.
Yi stated, in an interview with Bloomberg Television on Friday, how he predicts the meeting with Mnuchin to be difficult, however, he added how the Central Bank of China and the People’s Bank are stable enough to sustain and adjust to keep the economy rising in spite of the tough times faced by the export manufacturers following the increase in tariffs.
After speaking with the Chinese counterpart at the summit in Osaka at the end of the month, the United States President Donald Trump said on Thursday, in France, how he plans on increasing tariffs on China.
Accusing China of taking measures to give Chinese firms an unfair advantage in advanced technologies such as robotics, artificial intelligence, and electric vehicles, the Trump administration imposed tariffs on imports from China about a year ago. The U.S. claims, these measures include hacking computers to extract trade secrets from the U.S. based firms, permitting easy access to the Chinese market in return for handing over sensitive technologies and subsidizing Chinese technological companies.