"Most importantly, trade and geopolitical tensions have intensified", the G20 statement said, adding that they "stood ready to take further action" if required.
"Global growth appears to be stabilizing and is generally projected to pick up moderately later this year and into 2020", the finance chiefs, including Mnuchin, said in an end-of-meeting communique. The country has hinted at cutting off the USA supply of rare earth elements and is also hitting America's education and tourist sector by announcing visa restrictions.
Meanwhile, French Finance Minister Bruno Le Maire said there was a "real risk" that "this global economic slowdown could turn into a global economic crisis due to trade tensions".
Trump has also complained repeatedly about America's huge trade deficit with China - a record US$379 billion a year ago - which he blames on weak and naive negotiating by previous USA administrations.
The widening fallout from the U.S.
Speaking Thursday in France, Trump said he plans to make a decision about ramping up tariffs on China after speaking with Xi at the summit in Osaka at the month's end.
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.
"The China-U.S. issue is all you ask about".
"Our Fed is very very destructive to us", Trump said.
US President Donald Trump has addressed the issue of the trade row with China in an interview with CNBC broadcaster on Monday noting that the Asian superpower has been devaluing its currency, and "something has to be done" about this.
The G20 ministers heaved a sigh of relief just hours before the meeting when the United States and Mexico clinched a deal over immigration that stopped Washington imposing five per cent tariffs on Mexican goods.
On Sunday, U.S. Treasury Secretary Steven Mnuchin met with China's central bank Gov. Yi Gang.
"I would say the United States has significant concerns with the two current taxes that are being proposed by France and the UK but let me give them some good credit for proposing them in the sense (that) they have created an urgency to deal with this issue", Mnuchin said at a public meeting before the formal G20 started. He gave no details. Trump raised tariffs on about $200 billion in Chinese imports to 25% in response, and at the time hung out the possibility of further action. He said the only reason Mexican officials agreed to changes was because he threatened their goods with tariffs. Together they would encompass nearly everything China exports to the U.S.
"Japan was really trying to keep the big issues on the sidelines", Martin Schulz, senior research fellow at the Fujitsu Research Institute, told Al Jazeera. "If they don't, we'll proceed with our tariffs", Mnuchin told reporters on Saturday. "We recognize our business community's call for the G20 to continue supporting the multilateral trading system".
The Bank of Japan has maintained easing measures for years to ensure the world's third largest economy fully rids itself of deflationary pressure.
The venue for the annual financial meeting, Fukuoka, is a thriving regional hub and base for startups.