EU says trade differences remain despite G-20 talks

Differences remain over trade and the tensions could escalate further despite talks by the world's top financial officials taking place in Argentina's capital amid fears that a wave of tariffs could damper global economic growth, a European official said today.

The meeting of G-20 finance ministers and central bankers in Buenos Aires comes with the United States and China in a full-blown trade war with both nations imposing tariffs on billions of dollars of each other's goods with even bigger tariffs being threatened.

"These meetings have been taking place in an international context which is very challenging," European financial affairs commissioner Pierre Moscovici told reporters today. "Trade tensions remain high and they threaten to escalate further." But Moscovici said the two-day summit that began Saturday has not been "tense," and that countries must remain "cool-headed and maintain a proper sense of perspective."
International Monetary Fund Managing Director Christine Lagarde has said the recent string of tariffs could significantly harm the global economy, lowering growth by about 0.5 percent "in the worst-case scenario."