Why in News:

• President Donald Trump and China’s Xi Jinping could meet on the sidelines of the G20 summit to hash out their differences on trade, but no new talks are scheduled.

Details:

• The world’s top two economies ended two days of negotiations in Washington with no deal The G20 summit is scheduled to take place in Osaka on June 28-29.
• Mr. Trump ordered new punitive duties, on $200 billion worth of Chinese imports, raising them to 25% from 10%.
• He then ordered a tariff hike on almost all remaining imports — $300 billion worth

Group of 20:

• The G20 (Group of 20) is an international forum which includes 19 of the world’s largest
• economies and the European Union.
• G20 is a forum for economic, financial and political cooperation. It addresses the major global challenges and seeks to generate public policies that resolve them.

Significance of G20:

• Together, the G20 members represent
• Two thirds of the world population. 85% of the global gross product.
• 75% of international trade.
• 80% of global investments in research and development.