Many G-20 officials seek to maintain free trade system

The meeting of G-20 finance ministers and central bank chiefs came at a time when U.S. President Donald Trump's steep tariffs have created uncertainty about the outlook for the global economy. The United States and China have imposed high tariffs on each other, raising concerns about a trade war escalation.

The G-20 meeting ended without adopting a joint statement, as was the case in the previous February meeting in Cape Town, South Africa. It ended also without a chair's summary, usually compiled in lieu of a joint statement, attesting to the divide among participating economies.

On the final day, participants exchanged views on international finances, among other topics. U.S. Treasury Secretary Scott Bessent urged the International Monetary Fund to focus on its core missions, including ensuring financial stability, while Japanese Finance Minister Katsunobu Kato called for discussion on the IMF's role from a long-term perspective not bound by existing systems.

Issues discussed on the first day included the current state of the global economy, such as Trump's sweeping tariffs and China's retaliatory tariffs, as well as the impacts of the tariff battle on economic activities and the recent financial market rout reflecting investor concerns over the tariff issues.

Enoch Godongwana, the finance minister of South Africa, this year's G-20 chair, said at a press conference after the end of the two-day meeting that the general principles of rejecting protectionism and engaging in multilateral trade were accepted.

South African Reserve Bank Governor Lesetja Kganyago said the chair nation will work to help the G-20 economies adopt a joint statement at the next meeting of their finance ministers and central banks, to be held in the country in July.