'Heightened trade tensions' pose risks to global economic growth, G20 warns

Group of 20 finance ministers warned on Sunday that "heightened trade and geopolitical tensions" posed risks to global economic growth as two days of meetings came to a close.

The G20 emphasized "the need to step up dialogue and actions to mitigate risks and enhance confidence," in its final communique after a summit dominated by fears over an escalating global trade conflict.

"Global growth remains robust and unemployment is at a decade low. However, growth has become less synchronized recently, and downside risks over the sort and medium term have increased," said communique.

The statement did not mention the United States, which is at the center of multiple trade disputes, but in March the G20 had avoided the issue altogether.

Trump's protectionist policies have come under fire from all sides at the summit, which groups finance ministers and central bankers from the world's 20 largest economies.

On Saturday, French finance minister Bruno Le Maire called on Trump to "return to reason."

As well as imposing tariffs of 25 percent on steel and 10 percent on aluminum, Trump stuck a 25 percent levy on $34 billion of goods from China with an additional $16 billion on the way.

He has threatened to target European automotive exports and to impose duties on the entire $500 billion of goods the U.S. imports from China.

The International Monetary Fund predicts that in a worst-case scenario, $430 billion -- or a half percentage point of global GDP -- could be cut in 2020 if all tariff threats and retaliations are carried out.

IMF chief Christine Lagarde had warned on Wednesday that the US economy was "especially vulnerable" to trade conflicts "because so much of its global trade will be subject to retaliatory measures."