Overview

• For the first time in three meetings the G20 finance chiefs issued a joint statement pointing to heightened uncertainty for growth, inflation and financial stability
• Delegates highlighted risks from trade frictions and conflicts as war in Ukraine and President Trump’s planned higher tariffs weigh on markets
• The final text replaced stronger language on protectionism with a call to strengthen multilateral cooperation and was trimmed from 11 to 5 pages
• US Treasury Secretary Janet Yellen missed the conference for a third session, underscoring Washington’s ambivalence toward collective action
• A parallel G7 meeting convened to denounce Russia’s invasion of Ukraine and discuss additional support for Kyiv