(Bloomberg) -- This weekend’s meeting of G-20 finance ministers and central bankers in Buenos Aires comes at a critical time for the global economy, as trade tensions threaten to undermine the fastest growth in seven years. Discussions may turn heated after U.S. President Donald Trump on Friday accused China and the European Union of gaming their currencies to boost exports. The rhetoric came after he slapped tariffs on global metal imports and imposed barriers on Chinese products, sparking retaliation.

Here are the latest developments from the meetings, updated throughout the day. (Time-stamps are local time in Buenos Aires).

Lagarde Supports Central Bank Independence (10:25 a.m.)

By Patrick GillespieInternational Monetary Fund Managing Director Christine Lagarde said Saturday she values the independence of central banks and added that current U.S. tariffs would have a negative impact on global growth.

When asked about U.S. President Donald Trump’s criticism of the Federal Reserve, Lagarde said "we always value the independence of central banks."

"Independence is key," Lagarde said in Buenos Aires at the G-20 meeting of finance ministers and central bank chiefs.

Germany’s Scholz Says EU Not Using FX For Trade (10:02 a.m.)

By Carolynn LookGermany’s Finance Minister Olaf Scholz rejected President Donald Trump’s allegations that the EU was keeping its currency weak to gain trade benefits.

"The European Union carries out very rational politics, which are not geared at artificially creating economic successes through currency levels," Scholz told reporters in Buenos Aires on the sidelines of a G-20 summit.

In a series of tweets on Friday, Trump lashed out at China and the European Union for their weak currencies and said a stronger dollar and rising U.S. interest rates are undermining America’s “competitive edge.”

To contact the reporter on this story: Carolynn Look in Frankfurt at clook4@bloomberg.net

To contact the editors responsible for this story: Raymond Colitt at rcolitt@bloomberg.net, Randall Woods

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