Group of 20 finance ministers and central bank chiefs committed to international policy cooperation in a communique adopted Friday, finding rare consensus amid escalating tensions over the U.S. trade war.
“The global economy is facing heightened uncertainty and complex challenges, including ongoing wars and conflicts, geopolitical and trade tension,” the communique said. “We emphasize the importance of strengthening multilateral cooperation to address existing and emerging risks to the global economy.”
The agreement, forged during the G20 summit in South Africa’s eastern KwaZulu-Natal province, was reached despite simmering tensions over U.S. President Donald Trump’s trade war, which is set to intensify when higher tariffs take effect on Aug. 1.