"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.
Japanese Finance Minister Taro Aso, hosting the talks, told reporters the world economy should "firm" in the second half of the year but "downside risks still remain".
The statement also contains no admissions that the deepening U.S.
Yi told Bloomberg Television in an interview broadcast Friday that he expected the meeting with Mnuchin to be "difficult".
The IMF has said US-China tariffs could shave global GDP by 0.5 percent in 2020 or about US$455 billion, stressing the need to resolve the differences to avoid plunging the world economy into another crisis.More news: Yuvraj Singh Retires from International Cricket
Mnuchin described the meeting as having parallels to the two presidents' December meeting in Buenos Aires, when Trump was poised to hike tariffs on $US200 billion ($A286 billion) worth of Chinese goods.
The G20 represents 19 of the world's largest developed and developing nations and the EU.
International Monetary Fund managing director Christine Lagarde said that trade conflicts pose the "principal threat" to the global economic outlook. "But there's no conclusion yet" on the language of trade, the official told reporters.
Aso also said there was no disapproval voiced from his G20 counterparts on Japan's plan to raise its sales tax in October, a move critics warn could push its economy into recession.More news: Protesters in Kazakhstan dispute legitimacy of early presidential election
Mnuchin said he planned to have a private conversation with the head of China's central bank, Yi Gang. He tweeted a photo of the two shaking hands and said they had a "candid discussion on trade issues", but provided no further details.
Nomura found evidence of trade diversion since the tit-for-tat tariff war began a year ago when the Trump administration imposed the first round of tariffs on nearly $50 billion worth of Chinese imports in April 2018.
The G-20 group includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
The meetings of financial leaders in the southern city of Fukuoka and of economic ministers in Tsukuba, near Tokyo, are aiming to forge a consensus on a range of issues to be endorsed by leaders who will meet in late June in Osaka.More news: Marvel’s Avengers, Leaked the Release Date?
"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.