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G20 summit: Brexit warnings from Japan and US, but trade hope from Australia

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G20 summit: Brexit warnings from Japan and US, but trade hope from Australia

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Leaders of the world’s largest economies have met for the second and final day of the G20 summit in China. While the Chinese President tried to keep the focus on economic problems, other pressing issues are also making waves.

Concerning uncertainties in the global economy, Britain faced warnings from the US and Japan over its decision to leave the EU. While Australia said it would negotiate a ‘very strong’ free trade agreement with post-Brexit Britain. Tokyo warned that Japanese companies could move their European headquarters out of Britain ‘if EU laws cease to be applicable in the UK’.

Japan and China are due to hold talks as the two countries are locked in a territorial dispute over the South China Sea. Tensions flared recently after Chinese ships sailed near a group of islets controlled by Tokyo.

Despite all the pageantry, it is feared little progress will be made on changes needed to fiscal and monetary policies needed to boost global GDP after the IMF signaled another downgrade to its global growth forecast.

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