G20 Finance Heads Warn Trade Wars to Dumpen Global Growth – Russian Central Bank

NUSA DUA (Indonesia), (Sputnik) – G20 finance ministers and central bankers warned Friday that trade rows threatened the global economic growth, a deputy governor of the Russian central bank said.

"International organizations predict that the pace of the world economic growth will not increase due to risks associated with trade disputes," Ksenia Yudaeva said.

The Russian banker spoke to reporters after the G20 financial group’s meeting in Nusa Dua, Indonesia. She said trade war risks coupled with a climb in US interest rates had caused volatility in emerging markets.

READ MORE: Russian Central Bank Does Not Rule Out Key Rate May Rise Amid Sanctions

A trade dispute between Washington and Beijing was sparked off this year by US tariffs on billions of Chinese imports, prompting retaliation. The United States has also been pushing to rebalance trade with its close allies in Europe and Asia.