South Africa’s central bank governor, Lesetja Kganyago, has raised concerns that prolonged bilateral trade negotiations triggered by former U.S. President Donald Trump's tariff policies are adding to global financial uncertainty.
Speaking at a media briefing in Washington during the G20 meetings, Kganyago noted that the current trend of countries engaging in one-on-one trade talks is time-consuming and resource-intensive. "In an environment where every country is negotiating bilaterally, these things could actually take a lot of time," he said.
He warned that this drawn-out process could keep global markets in a state of uncertainty for an extended period.
South Africa currently holds the presidency of the G20 until November 2025. The group, which includes major economies such as the U.S., China, the EU, Russia, and the African Union, met during the World Bank and IMF Spring Meetings. Notably, this year’s G20 discussions ended without a formal communique or chairman’s statement — an unusual move.
South African Finance Minister Enoch Godongwana confirmed that U.S. Treasury Secretary Scott Bessent was present at the meeting. Kganyago said the G20 discussions acknowledged the rising uncertainty in the global economy due to trade tensions.
He emphasized the need to return to a multilateral trade system, with the World Trade Organization (WTO) playing a central role in facilitating global trade negotiations.
