But the ministers could only agree on a mild statement about the risks that the ongoing tensions pose to global economic growth. It notes that global imbalances have narrowed but remain large and persistent.
It said, "We reaffirm our commitment to use all policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks".
Trade and geopolitical tensions have "intensified".
"We're going to need to see action and President Trump is going to need to make sure he's clear that we're moving in the right direction to a deal", he said.
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As regards reforming the global tax system to impose adequate taxes on internet giants such as Google and Facebook, the G20 agreed to "redouble our efforts for a consensus-based solution with a final report by 2020". -China trade conflict is damaging global growth.
He and other members of the Trump administration maintain that the ripple effects of the billions of dollars in tariffs imposed by Washington on Chinese exports over the past year are creating new business opportunities for other businesses in the US and other countries.
"Had constructive meeting with PBOC Governor Yi Gang, during which we had a candid discussion on trade issues", Mnuchin wrote on Twitter.
But U.S. Treasury Secretary Steven Mnuchin said Washington stood ready to impose more tariffs on China if President Donald Trump and China's Xi Jinping fail to strike a deal at the G20 summit later this month in Osaka. But he said China's central bank, the People's Bank of China, had plenty of room to manoeuvre to help keep the economy growing despite the pounding the country's export manufacturers are taking as the toll from higher tariffs mounts.
Officials said the U.S.
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Treasury Secretary Steven Mnuchin, speaking to reporters Saturday, said that the two presidents will meet while attending the June 28-29 summit of leaders of major economies in Japan, though he declined to provide other details.
China warned its companies operating in the United States on Tuesday they could face harassment from USA law enforcement agencies, and Beijing also rebuffed US criticism of a Chinese trade white paper as "singing the same old tune".
Japan and the United States have been discussing a bilateral trade agreement, with President Donald Trump urging Tokyo to help reduce USA trade deficits.
The G20 ministers heaved a sigh of relief just hours before the meeting when the USA and Mexico signed an immigration deal that prevented Washington from imposing a 5% tariff on Mexican goods.
Mnuchin had earlier played down expectations for the meeting with Yi, which took place on the sidelines of a gathering of Group of 20 finance ministers and central bankers in Fukuoka, Japan.
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The leaders in that communique called for reform of World Trade Organization rules that they said were falling short of objectives and pledged to review progress at the Japan summit.