Durban, South Africa – In a high-stakes gathering of the world’s leading economies, South Africa called on G20 member nations to demonstrate bold and cooperative leadership to address mounting global challenges—chief among them the rise in protectionist trade measures led by former U.S. President Donald Trump.
As finance ministers and central bank governors convened in Durban, the host nation underscored the G20’s core responsibility to reinforce multilateralism and drive inclusive, rules-based cooperation. South Africa’s Finance Minister Enoch Godongwana, in his opening speech, emphasized the urgency of collective action:
“We have a critical role to play in revitalising and strengthening multilateralism… challenges that no country can solve alone.”
However, despite the ambitious call for solidarity under the theme “Solidarity, Equality, Sustainability,” key absences cast a shadow over the summit. Notably, U.S. Treasury Secretary Scott Bessent, along with finance leaders from India, France, and Russia, skipped the meeting, raising questions about the effectiveness of current G20 mechanisms.
The U.S., slated to assume the G20 presidency later this year, has given little indication of its future policy direction. Instead, acting Undersecretary for International Affairs Michael Kaplan represented the country, signaling a more subdued American role during this session.
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Adding to the uncertainty, Trump’s renewed tariff threats—including a proposed 10% duty on all BRICS nations (eight of which are G20 members)—have heightened fears of global economic fragmentation. If enacted, these measures could not only derail fragile economic recoveries but also push key economies, like Germany, toward a potential 2025 recession.
Meanwhile, concerns were also raised regarding Trump’s ongoing criticism of U.S. Federal Reserve Chair Jerome Powell, with Bundesbank President Joachim Nagel warning that political interference in central banking could have wide-reaching implications.
Despite these challenges, South Africa remains hopeful. Treasury Director General Duncan Pieterse indicated that efforts are underway to draft and release a joint communique—potentially the first of its kind under South Africa’s G20 presidency.
Still, with a fragmented representation and rising global protectionism, the question remains: Can the G20 reclaim its legacy of decisive action and coordinated policy-making, as it once did during the 2008 global financial crisis?
