The joint statement of G20 finance ministers' warning of "intensifying" trade tensions makes it clear the United States and China should solve their issues, European Commissioner for Economic and Financial Affairs Pierre Moscovici (pictured) said on Monday in Tokyo, expressing hope the world's two largest economies would reach an agreement at the G20 leaders' summit which will be held later this month in Osaka.
Moscovici went on to state the European Union must continue monitoring issues such as Brexit and Italy's finances, adding that the "rise of protectionism and questioning of multilateralism must be combated."
Earlier, French Finance and Economy Minister Bruno Le Mair warned an escalation of the trade war between the United States and China would mean "an economic crisis all over the world, and especially in Europe."
