As the leaders of the world’s major economies gather in Brazil for the annual G20 summit, they face a shifting global order with the impending return of U.S. president-elect Donald Trump to power. The discussions on trade, climate change, and international security are set to clash with Trump’s promised policy changes, ranging from tariffs to potential resolutions for conflicts like the war in Ukraine.
While the outgoing U.S. President Joe Biden attends the summit as a lame duck, all eyes are on China’s President Xi Jinping, who holds significant economic and financial influence in various global issues. The geopolitical tensions at the G20 summit are heightened by ongoing conflicts in Gaza and Ukraine, with diplomats struggling to reach consensus on addressing the escalating war in Ukraine without pointing fingers.
Amidst concerns over China’s role in global affairs, particularly its alliance with Russia on Ukraine, there are fears that the conflict could escalate and impact China directly. The recent Russian air strike on Ukraine has further complicated the delicate balance at the summit, with European diplomats pushing for stronger language on global conflicts.
As Brazil focuses its agenda on sustainable development, wealth taxation, and poverty alleviation, there are worries that Trump’s administration will redirect global priorities away from these critical issues. Trump’s disdain for multilateralism poses challenges for Brazil’s push for global governance reforms and cooperation on financial matters.
China, on the other hand, is expected to promote its Belt & Road initiative as a showcase of its economic prowess, despite Brazil’s decision not to join the infrastructure project. Trade tensions between the U.S. and China are expected to dominate discussions at the summit, with Trump’s tax policies adding further complexity to talks on taxing the wealthy.
Overall, the G20 summit in Brazil serves as a battleground for competing interests and ideologies, with the outcomes likely to shape global economic policies and relationships in the coming years. The rise of Trump and China’s growing influence are key factors to watch, as they could have far-reaching implications for countries around the world.
