South Africa demanded greater cooperation between its advanced economies G-20as the Ministers of Finance and Central Banks gathered under the cloud of the US President’s trade war Donald Trump.
South African Finance Minister Ino Gondongwana, co-organizer of the two-day meeting near Durban, warned the G-20 that the duties that US President Donald Trump wants to impose.
“While inflation is mitigated and financial conditions have begun to stabilize in some areas, uncertainty continues to burden the prospects of global development. Increasing trade barriers and persistent global imbalances and new geopolitical risks, “Gondongaa told his guests, according to Bloomberg.
Trump has shocked financial markets with his threat to impose duties on US trade partners since August 1st, including a 30% levy for South Africa, which the US president has also falsely accused of allowing a genocide against white farmers.
The International Monetary Fund reduced its prediction for the global development of 2025 to 2.8% from 3.3% in January.
The Commander of the Central Bank of South Africa Lesetza Kganyago warned separately that while inflation recedes in certain places, it remains “higher than desired and persistent”.
For their part, the leaders of the G-20 central banks will fight by having to “navigate what uncertainty means both for their prices and stability commands,” Gondongaa said.
It is worth noting that this is G-20’s third financial meeting this year. The two previous ones failed to reach an announcement, as the president’s summary said the team could not reach consensus.
US officials, who take over the rotation of the G-20 in December, have consistently opposed the formulation of funding for the climate and participation of the institutions, which constituted the cornerstone of the South African agenda.
“We need to play a crucial role in rejuvenating and enhancing multiplicity by promoting the dialogue without exclusion, enhancing team cooperation and promoting collective action in global challenges,” Gondongaana said.