The world’s top financial policymakers today admitted that intensifying trade tensions pose a risk for the global economy.

The statement came after a meeting of Trade and Economy Ministers of G20 nations that laid bare differences between the United States and other nations.

Following 30 hours of wrangling the G20 finance minister and central bank chiefs produced a final statement acknowledging that growth remains low and risks remain tilted to the downside.

As a compromise pushed by Washington, the statement omitted language from a previous draft that mentioned a pressing need to resolve trade tensions.

The statement capped two days of talks in the western Japanese city of Fukuoka that also tackled the thorny issue of taxing internet giants and, for the first time, the economic challenges posed by ageing.

But trade battles were front and centre of policymakers’ minds as the US and China continues to threaten each other with tariffs that economists fear could slam the brakes on global growth.