G20 Finance Chiefs Convene in Durban Amid Rising Trade Tensions

Edited By: Safae Fathi

G20 finance ministers and central bank governors will meet on Thursday in Durban, South Africa, amid rising global uncertainty driven by new U.S. tariff threats and internal divisions. The group, originally established to foster international coordination during financial crises, has struggled in recent years to maintain consensus, as tensions over Russia’s war in Ukraine and growing protectionist policies have deepened fractures between key members.

South Africa, hosting under the banner “Solidarity, Equality, Sustainability,” has aimed to elevate African priorities, focusing on the high cost of capital and climate finance. However, the absence of several top officials, including U.S. Treasury Secretary Scott Bessent, and finance ministers from India, France, and Russia, has cast doubt over the meeting’s potential to deliver substantial outcomes. Michael Kaplan, acting U.S. undersecretary for international affairs, will represent Washington. Despite missing the event, U.S. officials have remained engaged, and sources close to the upcoming American G20 presidency indicated plans to streamline the group’s agenda in 2025.

The gathering takes place as former President Donald Trump’s proposed tariffs, including 10% levies on all imports and higher rates on strategic goods, are set to take effect on August 1, prompting fears of increased fragmentation among G20 members. The threat of new tariffs on BRICS countries, eight of which are in the G20, has further raised concerns. Germany has emphasized the importance of building cooperation in what it called “turbulent times,” while South Africa’s Treasury expressed hope for the group to release its first official communique of the year before the end of the talks.