G20 finance ministers delivered a strong statement supporting central bank independence during their South African meeting. The declaration emerged amid President Donald Trump's sustained attacks against Federal Reserve Chairman Jerome Powell. Trump has called Powell a numbskull and moron while demanding faster interest rate cuts from the current 4.25 to 4.5 percent range. The Federal Reserve maintains its cautious approach as it works toward achieving its two percent inflation target. US Treasury Secretary Scott Bessent avoided the Durban gathering for the second consecutive time.
The finance ministers reached a consensus despite ongoing trade tensions sparked by American tariff policies. Trump's administration plans to raise tariffs on dozens of countries beginning August 1st. The group acknowledged that the World Trade Organization requires significant reforms to address modern economic realities. EU Commissioner Valdis Dombrovskis praised the successful negotiations despite challenging circumstances. The ministers also discussed implementing a global minimum corporate tax rate of fifteen percent.
The finance ministers reached a consensus despite ongoing trade tensions sparked by American tariff policies. Trump's administration plans to raise tariffs on dozens of countries beginning August 1st. The group acknowledged that the World Trade Organization requires significant reforms to address modern economic realities. EU Commissioner Valdis Dombrovskis praised the successful negotiations despite challenging circumstances. The ministers also discussed implementing a global minimum corporate tax rate of fifteen percent.
