G20 Finance Ministers Meeting Concludes in South Africa
No Joint Communique Issued Amid U.S. Absence
Finance ministers and central bank governors from the Group of Twenty (G20) countries attending the meeting reaffirmed their commitment to the 'multilateral trading system' centered on the World Trade Organization (WTO) in response to tariff threats from the Donald Trump administration. They also expressed their stance against 'protectionism,' which is interpreted as opposition to the indiscriminate imposition of tariffs by U.S. President Donald Trump.
The G20 Finance Ministers and Central Bank Governors meeting held in Cape Town, South Africa, concluded its two-day schedule on the 27th (local time). As the G20 chair country this year, South Africa issued a chair summary emphasizing resistance to protectionism at the end of the meeting. However, it was reported that "no agreement was reached on a joint communique."
Many finance ministers from major member countries such as the United States, Japan, the European Union, China, and India were absent from this meeting. From South Korea, Kim Beom-seok, First Vice Minister of the Ministry of Economy and Finance, and Kwon Min-soo, Deputy Governor of the Bank of Korea, attended. The UK’s Financial Times (FT) reported, "The three-day meeting faced difficulties after ministers from major economies including the United States, China, Japan, Canada, India, and Mexico did not attend and instead sent representatives."
In the chair summary, South Africa stated, "We support a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable, and transparent multilateral trading system centered on the WTO," and "We reiterate our commitment to resist protectionism."
It also announced, "Strengthening multilateral cooperation is important to address existing and new risks to the global economy, protect financial stability, and further promote strong job creation."
Furthermore, it added, "Member countries expressed support for this year’s G20 theme of 'Solidarity, Equality, and Sustainability.'"
The Trump administration’s tariff and climate policies were key topics at this meeting. Upon taking office, President Trump withdrew the United States from the Paris Agreement. He also openly expressed his intention to strengthen protectionism for national interests. After imposing an additional 10% tariff on China, he announced plans to impose tariffs on Mexico, Canada, and the EU.
A European official attending the G20 meeting told FT that harsh words were exchanged between European finance ministers and U.S. officials regarding Trump’s threats, stating, "In many ways, the United States was alone. European countries generally agreed that protectionism is bad for the world."
This suggests a potential clash between the Trump administration, which will chair the G20 later this year, and the G20 itself. Although the U.S. has not withdrawn from the WTO, it is considering withdrawing from all multilateral organizations it is involved in. Moreover, the Trump administration’s view of the G20 is not favorable. This was also evident in the absence of Treasury Secretary Scott Bessent and Secretary of State Marco Rubio from this meeting.
U.S. Secretary of State Marco Rubio did not attend last week’s G20 Foreign Ministers meeting held in Johannesburg, South Africa, criticizing the topic as 'anti-Americanism.'
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