The world's top financial policymakers admitted Sunday that trade tensions had worsened, posing a risk for the global economy, after a G20 meeting that laid bare differences between the United States and other nations.
Aso went on say "market confidence could be eroded" if China and the U.S. did not resolve their ongoing trade war.
The final communique will also say the G20 leaders "will continue to address these risks and stand ready to take further action", the source told Reuters.
In a joint statement following a two-day meeting of G-20 leaders in Japan ahead of the group's annual summit, the 20 world leaders issued a joint statement noting that many ministers "expressed serious concerns about the current tensions surrounding trade".
U.S. Treasury chief Steven Mnuchin said Sunday that President Donald Trump would be "perfectly happy" to tax more imports from China if the U.S. leader can not reach a trade deal with Chinese President Xi Jinping when they meet later this month.
The bickering over trade language has dashed hopes of Japan, which chairs this year's G20 meetings, to keep trade issues low on the list of agendas at the finance leaders' meeting.
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Japan's Finance Minister Taro Aso, center, poses next to IMF Managing Director Christine Lagarde, center left, and Bank of Japan Governor Haruhiko Kuroda, center right, during a family photo of the G20 finance ministers and central bank governors meeting Saturday, June 8, 2019.
Trump will meet with Chinese leader Xi Jinping at the G-20 leaders' summit in Japan later this month.
"Based on these criteria, we find evidence of USA and China import substitution in 52 percent of the 1,981 tariffed products", the report stated.
Mnuchin earlier urged China to rejoin talks on the dispute that has embroiled the two largest economies in a trade war.
China and the USA have publicly traded barbs since before the blacklist, but a June deal between Russia's largest network provider and Huawei to build 5G internet marked a significant escalation in the hostile dialog between the countries.
"If not, as the president said, we'll move on with tariffs", he added.