The five-page document emphasizes international coordination on debt relief, tax policy, and climate finance, while endorsing the independence of central banks. Though Trump’s looming tariff increases were not explicitly mentioned, participants said they were addressed indirectly through broader references to threats against global growth.

German Finance Minister Lars Klingbeil praised the agreement as “a strong signal in favor of multilateralism,” while South African Finance Minister Enoch Godongwana hailed it as a victory for diplomacy during a tense economic period. Despite Washington’s absence from the signing session—Treasury Secretary Scott Bessent skipped the summit—U.S. officials participated in the talks, ensuring American input.

The communique also called for reform of the World Trade Organization, noting it faces “challenges” and requires “comprehensive improvement of all its functions.” It reaffirmed central bank autonomy, a point raised in response to Trump’s public criticism of Federal Reserve Chair Jerome Powell for resisting rate cuts.

IMF Cautions On Global Outlook As Growth Slows

The International Monetary Fund lowered its global growth forecast for 2025 from 3.3% to 2.8%, citing trade uncertainty as a key factor. IMF First Deputy Managing Director Gita Gopinath warned that “downside risks continue to dominate the outlook,” calling for vigilance despite improved financial conditions.

G-20 leaders also acknowledged the rising cost of extreme weather events on economies, signaling growing acceptance of climate-related financial risk. That inclusion marks a departure from previous Trump-era G-20 sessions, where such language had been contentious.

Despite the symbolic win, analysts say underlying divisions remain unresolved, especially as the U.S. prepares to raise tariffs in early August—an action that could reignite disputes just weeks after the communique’s adoption.