G20 finance chiefs approach consensus in South Africa despite US tariff tensions

18/7/2025 18:06

Finance chiefs of G20 countries expressed optimism for an agreement on a common position on trade and other global challenges on Friday despite U.S. President Donald Trump's tariffs which have overshadowed their meeting.



The G20, which emerged as a forum for cooperation to combat the 2008 global financial crisis, failed to reach a joint stance when finance ministers and central bankers met in February, to the dismay of hosts South Africa.



An agreement now would be considered an achievement even though G20 communiques are not binding and the precise wording is unclear.



Canadian Finance Minister Francois-Philippe Champagne told Reuters late on Thursday he was cautiously optimistic the meeting in the coastal city of Durban would result in a final communique.



An official of another G20 country, who requested not to be identified, expressed similar optimism.



South Africa, under its presidency's motto "Solidarity, Equality, Sustainability", has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action.