Treasurer Scott Morrison says there is a shared urgency within the G20 economies about resolving the latest global trade battles.
Mr Morrison has been attending the G20 finance ministers meeting in Buenos Aires at which the clash between the US, China and Europe over trade was on the agenda.
A final communique said although the global economy remains strong, growth is becoming "less synchronised" and risks over the short and medium terms have increased.
"These include rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth, particularly in some advanced economies," the communique said.
"We ... recognise the need to step up dialogue and actions to mitigate risks and enhance confidence."
Mr Morrison said the ministers were very conscious of the consequences of the situation continuing.
"The latest language, I think, is suggesting a great deal of urgency about resolving these issues," Mr Morrison said.
"There has been a ground shift on this. I think the language (on open trade) previously had been ambiguous, a little sheepish."
On Friday, US President Donald Trump renewed his threat to ultimately slap tariffs on a total of $US500 billion ($A673 billion) of imports from China - roughly equal to all the goods Beijing ships annually to the US.
The US has also imposed tariffs of 25 per cent on steel and 10 per cent on aluminium, including from Europe.
China, the European Union, Canada, Mexico and Turkey have counterpunched with taxes on US goods.
Christine Lagarde, managing director of the International Monetary Fund, warned at the meeting that a wave of tariffs could significantly harm the global economy, lowering growth by about 0.5 per cent "in the worst-case scenario."
Mr Trump and Prime Minister Malcolm Turnbull are expected to attend the G20 leaders' summit later this year.
