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.
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