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EU's Moscovici says trade differences persist after G20 talks
European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Sunday (July 22) that differences of position on trade tensions remained after talks among G20 finance ministers in Argentina but the meeting was not tense. Moscovici said that global trade tensions were high and threatened to escalate further, placing the multilateral system under significant pressure. He said, however, that the economic impact had been limited so far. "The meeting has not been tense and we were in mutual listening mode and I hope that this is the beginning of something," Moscovici said. "But still the positions are not similar." Also during the meetings, finance ministers and central bankers from the world's largest economies meeting in Argentina said heightened trade and geopolitical tensions pose an increased risk to global growth and have called for greater dialogue, according to a draft communique from the meeting. The draft reviewed by Reuters, which is still subject to possible revisions, also noted that emerging market economies are better prepared to adjust to external shocks but they still face challenges from market volatility and reversals of capital flows.