Economy

G20 Meeting of Finance Chiefs Fails to Produce Joint Statement, as Countries Vent Concerns about U.S. Tariffs

AP
South Africa Finance Minister Enoch Godongwana, and South Africa Bank Governor Lesetja Kganyago speak during a news conference after the G20 plenary session, during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, on Thursday.

By Takanori Yamamoto / Yomiuri Shimbun Correspondent

16:04 JST, April 25, 2025

WASHINGTON — A two-day meeting of Group of 20 finance ministers and central bank governors ended in Washington on Thursday with concerns mounting over the impact of U.S. President Donald Trump’s tariffs on the global economy.

However, the meeting failed to adopt a joint communique for the second time running, with no consensus reached in the February meeting in South Africa either.

At a post-meeting press conference, South African Finance Minister Enoch Godongwana, who chaired the meeting, stressed that there was broad agreement on the fundamental principles of rejecting protectionism and commitment to a rules-based multilateral trade system.

However, in a sign of just how much the G20 countries diverged in their opinions, the chair did not issue a meeting summary. Member countries will likely aim to produce a joint communique at the next meeting in July.

During the meeting, many voiced their opposition to U.S. policies, including reciprocal tariffs, and noted an increase in uncertainty and adverse effects on the economy. Some attendees argued that the U.S. trade deficit should be corrected through fixing imbalances in economic structures rather than through tariffs.

Finance Minister Katsunobu Kato, who attended the meeting alongside Bank of Japan Gov. Kazuo Ueda, told reporters after the meeting, “We had a frank exchange of views amid increasing uncertainty in the global economy, and that was significant.”