G20 warns 'intensified' trade conflicts threaten global growth

G20 warns 'intensified' trade conflicts threaten global growth
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Global growth is threatened as international trade conflicts between the United States and China have "intensified," Group of 20 finance leaders reportedly said Sunday.

At the central bank governors meeting in Japan, G20 leaders said in a statement "growth remains low and risks remain titled to the downside," according to Reuters.

"We will continue to address these risks and stand ready to take further action," G20 said according to the report.

However, language in the final statement did not include a drafted clause aimed at resolving trade tensions, according to Reuters. 

Reuters reports sources say the omission was pushed for by the United States. 

G20 leaders also agreed to create common rules by 2020 to close loopholes tech companies use to reduce corporate taxes, according to Reuters.

The U.S. and China have been in an escalating trade war, with President TrumpDonald John TrumpJulián Castro: It's time for House Democrats to 'do something' about Trump Warren: Congress is 'complicit' with Trump 'by failing to act' Sanders to join teachers, auto workers striking in Midwest MORE threatening another round of tariffs on Chinese imports if a deal is not soon reached.