Group of 20 (G20) finance ministers and presidents of central banks agreed on a communique calling on increased dialogue to face commercial tensions and financial vulnerabilities on Sunday, during the Argentina meeting of the Group of 20 (G20) finance ministers in Buenos Aires.

"When it comes to reaching an agreement and having a statement we will try to emphasise consensus," Argentine Finance Minister Nicolas Dujovne said.

US Secretary of Treasury Steven Mnuchin commented on the US-China trade conflict by stressing a “close relationship” between US President Donald Trump and Chinese President Xi Jinping, before adding “we want more balanced trade.” “Both presidents agreed on the objective to have more balanced trade, and we want to have our companies, have the same access to their markets that they have to us.”

During a press briefing, EU Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici said the negative effects of trade conflicts “could be largest for the US itself.” “Protectionism, I want to insist on that, is good for no one. And trade wars are not easy, contrary to what the President said."

The communique agreed upon forms the basis of a final document which will be worked on in the G20 Buenos Aires summit between November 30 and December 1. It highlights "financial vulnerabilities,” "commercial tensions" and "weak growth.”