Mnuchin threatens China with tariffs if they bail on trade deal

US Secretary of Treasury Steven Mnuchin speaking at the G20 summit

"It's not coincidental in my mind that the currency has moved from approximately 6.30 [yuan to US dollar] to 6.90", Mnuchin said on the sidelines of Saturday's meeting with G20 finance leaders.

Speaking on the sidelines of a meeting between G20 Finance Ministers and central bankers in the Japanese city of Fukuoka, Mr. Mnuchin urged China to return to the terms that the two countries had been negotiating before trade talks fell apart in May.

"The bad news is that it is unclear how the US and China trade talks will end and unless it is resolved, there is a concern that market confidence could be affected further, this is an issue." said Taro Aso, the finance minister of Japan.

Finance ministers and central bank chiefs from the G20 group of the world's top economies are expected to note the "downside risks" to the global economy from trade battles, notably between the top economic superpowers China and the US. He, however, warned the U.S. would press on with tariffs if a deal could not be reached.

And French Finance Minister Bruno Le Maire told Agence France-Presse there was a "real risk" that "this global economic slowdown could turn into a global economic crisis due to trade tensions".

A study published last year by free trade advocacy group Tariffs Hurt the Heartland found that the 25% tariffs Trump has threatened to put on an additional $300 billion in Chinese goods could cost a family of four more than $2,000 per year. On his part, Mnuchin said that the meeting would be pivotal in determining the direction of the trade war.

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By a quirk of the calendar, G20 trade ministers are also meeting the same weekend in Japan but the finance ministers will be tackling the current tensions and their economic consequences.

US Treasury Secretary Steven Mnuchin said on Saturday (June 8) he would discuss trade issues with People's Bank of China Governor Yi Gang, but said the main progress in the US-China trade dispute would take place later this month at a meeting between President Donald Trump and Chinese President Xi Jinping.

But there are rival proposals in the mix, including a wider US-led approach that could affect European and Asian multinationals in other sectors than technology. I don't believe that's as a result of trade tensions.

"We now have an agreement that we believe is going to fix the immigration issue".

America's huge trade deficit with China - a record Dollars 379 billion previous year - is one factor driving Trump's frustrations with Beijing. "But there's no conclusion yet" on the language of trade, the official told reporters.

Aso went on say "market confidence could be eroded" if China and the USA did not resolve their ongoing trade war.

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