Finance ministers and central bank governors from the Group of 20 concluded a two-day gathering in Durban with their first joint communique in nine months, overcoming deep divisions over trade to produce an agreed text. The statement emphasises that “central bank independence is crucial to achieving price stability,” pledges closer macro-policy cooperation and recognises the World Trade Organization’s importance while calling for its reform. Delegates also vowed to tackle debt vulnerabilities in low- and middle-income countries, expand partnership with Africa and channel more resources to the Pandemic Fund and other global-health initiatives. The accord is regarded as a diplomatic success for host South Africa, whose presidency has centred on the themes of solidarity, equality and sustainability after a February meeting failed to reach consensus. The talks were overshadowed by escalating U.S. trade measures. President Donald Trump has imposed a blanket 10% tariff on all U.S. imports, added duties of up to 50% on steel and aluminium and 25% on autos, and threatened an additional 10% levy on BRICS nations from 1 August. German Finance Minister Lars Klingbeil warned Europe is prepared to retaliate if negotiations fail, while South African Finance Minister Enoch Godongwana urged “bold cooperative leadership” to prevent further fragmentation of the global economy. U.S. Treasury Secretary Scott Bessent skipped the Durban meeting—his second absence in South Africa this year—leaving acting Under-Secretary Michael Kaplan to represent Washington ahead of the United States assuming the G20’s rotating presidency in December. Ministers from India, France and Russia were also absent, but South African officials stressed that every country remained formally represented. Securing unanimous endorsement of the communique provides a measure of momentum for the G20 after months of stalled deliberations, though the commitments remain non-binding and will be tested as trade tensions accelerate in the run-up to the U.S. tariff deadline.