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3d ago

U.S. Treasury’s Absence and Trump Tariffs Strain Durban G20 Finance Chiefs Summit

President Trump’s sweeping tariffs with simultaneous withdrawal from climate risk groups deepen G20 divisions with BRICS, sidelining Africa’s mounting debt concerns.

U.S. Secretary of the Treasury Scott Bessent speaks during a press conference following a weekly policy luncheon on Capitol Hill in Washington, D.C., U.S., June 24, 2025. REUTERS/Kevin Mohatt/File Photo
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Overview

  • U.S. Treasury Secretary Scott Bessent will skip the Durban finance chiefs meeting for the second time this year, highlighting Washington’s disengagement under President Trump.
  • Trump has enacted a baseline 10% tariff on all imports with punitive rates of 50% on steel and aluminum, 25% on autos and threatened levies up to 200% on pharmaceuticals.
  • The United States has pulled out of multiple groups focused on climate-related financial stability, stalling G20 efforts to coordinate on climate risk policies.
  • South Africa’s G20 presidency is under pressure to reconcile Global South priorities as escalating U.S.-BRICS tensions threaten to fracture consensus in Durban.
  • Sub-Saharan Africa’s external debt has ballooned to $800 billion and faces an $80 billion financing gap after Chinese lending slowed and Western aid was reduced.