Member states of the Group of Twenty (or as commonly being referred to as the G20), were apparently still working to reach agreement on several major global issues such as trade, migration, and climate change while the upcoming world leaders' meeting in Buenos Aires, Argentina is already coming near.
According to Reuters, G20 leaders have yet to reach a common consensus on the above matters. As cited by the news agency, a tipster from the German government said that despite the situation, the top officials and leaders are due to release a joint communiqué towards the end of the summit on Saturday.
As added by the source, the negotiations didn't come easy for everyone as each has their own say on the issue.
Although the German official wasn't able to disclose specific details of the dispute, it is expected that the tit-for-tat tariff war waged between China and the US will be one of the main focal points of the Argentinian G20 summit.
According to analysts, the outcome of this year's G20 meeting will likely to create a major impact on how the global financial and commodities markets will behave. This should have one of the most consequential results since the club of the world's industrialized nations has first convened together 8 years ago to discuss viable solutions on the pervading economic crisis happening throughout the world.
On the Sidelines
While the international community is watching closely on the results of the summit, many are also on the lookout for the planned meeting between Chinese President Xi Jinping and US President Donald Trump at the sidelines of the event on Saturday.
As reported earlier here on Business Times, the face to face meet-up between the leaders of two of the world's major economies will be a make or break moment on the continuing negotiations regarding the China-US trade war, whether or not it will finally come to cease or go on for more years.
As stipulated in a separate report from Reuters, the Xi-Trump sideline meeting could be the last chance for the two governments to ease out on the tension and offer a more viable solution to the impending problems.
Should the worse comes to its worst, the global economy will definitely be severely affected if Trump will press on with his plans to increase the tariffs on the $200 billion worth of Chinese goods from an earlier 10 percent to 25 percent.
The said tariffs, which is expected to be retaliated by China, will result in a loss of at least 0.2 percent of global gross domestic product in the next two years.
