Governors of Central Banks and several financial regulators of countries have gathered in the port city of Southern Japan. They would be talking about upsetting condition of global economy to once again Washington and Beijing being at loggerheads with each other over technology and trade. Treasury Secretary of US, Steven Mnuchin denied when asked about whether financial leaders at the meeting would be discussing over President Trump’s continuous trade conflicts against China and its impact on markets worldwide. However, he agreed that growth has been quite less in China, Europe and other regions.
He confessed coming across concerns that revealed issues which might arise if this path of enmity is continued. There would either be losers or winners and no middle ground. Both Trump and people from his administration have informed that due to the billion dollars tariff imposed on Chinese exports by Washington over 2018, several new business opportunities are created in US and other nations.
In the G-20 Summit, Japan, officials are expected to show their support in adjusting the monetary policy. The prime focus of the Summit was decided on June 8, 2019. It would be long termed, and dealing with more technical issues like reforming taxes in a way that it is suitable for conventional as well as new industries, policing cyber-currencies and betterment of standards for corporate governance.
Governments receive a fair amount of profit from big growths of businesses like Amazon and Google. G-20 financial chiefs are having debates for years on several reforms meant at ceasing tax evasion, making modern policies for matching up a financial landscape changed by technology. Mnuchin mentioned that although he doesn’t agree with few details of certain proposals. However, he does agree that there is an immediate need for action. Finance Minister of Japan, Taro Aso said the reform in this year might prove to be remarkable in 100 years.