DURBAN: Finance chiefs of G20 countries were close to agreeing a common position on trade and other global challenges, which would be the first since US President Donald Trump’s election victory and tariff war.

DURBAN - G20 finance ministers and central bank governors have shrugged off United States (US) President Donald Trump’s poor endorsement of the bloc’s work under South Africa’s presidency. The finance track met for a third time in Zimbali in KwaZulu-Natal (KZN) this week—with talks wrapping up yesterday.

Finance chiefs from the Group of 20 advanced and emerging economies said Friday that the global economy is facing

"The G20 was built around a presumption that all the world's major economies shared a common interest in a stable, relatively open global economy," said Brad Setser of the Council on Foreign Relations. "But Trump doesn't really care about stability and wants a more closed global economy."

At the G20 meeting in Durban, Canada's finance minister emphasized the need to combat the prevailing uncertainty caused by trade restrictions and tariffs. With discussions overshadowed by U.S. policies,

US set to shift its approach towards G20 when it takes over group’s rotating presidency from South Africa in December.