G20 finance chiefs near consensus in Durban amid U.S. tariff tensions
Finance leaders from the world’s largest economies signaled optimism on Friday that they could reach a joint position on trade and other global challenges, despite tensions stemming from U.S. President Donald Trump’s tariff policies.
The G20, which was created in response to the 2008 financial crisis, failed to produce a unified statement when finance ministers and central bankers met in Cape Town in February—an outcome that disappointed hosts South Africa, News.Az reports, citing Reuters.
Canadian Finance Minister François-Philippe Champagne told Reuters he was “cautiously optimistic” that the current meeting in Durban would deliver a final communiqué, though the language remained under negotiation. A senior official from another G20 nation echoed that view.
An agreement would be symbolic rather than binding, but still considered progress given the recent strain on multilateral cooperation. Delegates have been working to find compromise wording on trade, climate finance, and global economic uncertainty.
South Africa, which holds the G20 presidency under the theme “Solidarity, Equality, Sustainability,” has sought to push an African development agenda, focusing on the high cost of capital and climate funding.
However, discussions have been complicated by the absence of U.S. Treasury Secretary Scott Bessent, who also skipped the February meeting. Bessent’s no-show is notable as Washington will assume the rotating G20 presidency in December.
Despite this, a G20 delegate said the U.S. remains engaged in talks on trade and climate language. Other key officials from Brazil, China, India, France, and Russia were also missing from Durban, though all member countries sent representatives.
Opening the meeting on Thursday, South African Finance Minister Enoch Godongwana stressed the G20’s role in tackling shared challenges:
“The need for bold cooperative leadership has never been greater,” he said.
The two-day gathering aims to restore confidence in global economic governance as trade disputes and geopolitical tensions continue to test multilateralism.
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