Several European elected officials have urged the United States President Joe Biden to de-escalate the tensions with China, fearing that the trade war between China and the US might damage global economies and have broad national security implications. One of the many major tensions for a Biden administration will be whether some attending the summit will counter China’s rise.
Developing countries with growing financial ties to China fear having to choose between the two superpowers. The number of nations with growing monetary ties to the world’s second-largest economy, fear having to choose between the United States and China. Over nine months into the Biden administration, President Biden has already lifted some tariffs from the prior presidential administration. This month, the Biden administration announced it may allow some Chinese imports to be exempt from a range of tariffs.
Besides the COVID pandemic and its consequences, we expect ministers to discuss efforts to speed up the global economic recovery following the outbreak of the coronavirus and to address the rising energy prices and supply chain bottlenecks affecting several key industries.
We also expected leaders to endorse a plan to synthetically vaccinate 70% of the world’s population against COVID-19 by mid-2022 and to start a working group to combat future pandemics. G20 leaders will also agree on a global minimum tax rate of 15% for the largest companies – a move that would be a first for the global financial system.
The Group of 20 leading industrialized nations (G20) will begin a two-day climate change summit in Rome today, with the COVID-19 pandemic dominating the talks. The G20 bloc, which includes Brazil, China, India, Germany, and the United States, accounts for over 80% of global GDP, 60% of the world population, and about 80% of the CO2 emissions.
Two years after several East Asian countries were hit by a severe economic crisis in 1997, the Group of 7 (G7) finance ministers formed the G-20 to involve other countries in discussions on global economics and finance. President Joe Biden will represent the United States at this year’s summit in Rome today. He began his trip on Friday with meetings with Pope Francis, the French President Emmanuel Macron, and other world leaders.
Leaders from the world’s largest economies attended the two-day Group of 20 summit today, the first face-to-face meeting of leaders of the world’s 20 largest economies since the start of the COVID 19 pandemic. Prime Minister Mario Draghi welcomed the leaders to Rome’s Nuvola, a cloud-like convention center in a fascist neighborhood cut off from the rest of the city. The summit is the first face-to-face meeting of G20 leaders since the onset of the coronavirus outbreak.
President Joe Biden met with a number of world leaders Saturday morning as the G-20 debated how best to address the global economic problems from climate change to rising energy prices. White House advisers said Biden will spend his time at the Group of 20 Summit this weekend attempting to fix supply chains, securing a global corporate tax deal, and will press to explore debt relief and emergency funding for poor countries whose economies have been battered by the current pandemic.
Prince Charles has urged G20 leaders in his speech to the Rome summit to turn their “fine words on climate into action.” It is unknown what, if anything, humans can affect the direction of climate change in any meaningful direction.
The United States’ Secretary of State and the Secretary of the Treasury, in coordination with the President’s Special Representative for Climate Change, will lead a process to develop such a plan involving the Administrator of the United States Agency for International Development (USAID), the Chief Executive Officer of the United States International Development Finance Corporation (DFC), the Chief Executive Officer of the Millennium Challenge Corporation, the Director of the United States Trade and Development Agency, the Director of the Office of Management and Budget, and the heads of other agencies that may provide foreign aid and development finance. The Secretary of State and the Secretary of the Treasury shall provide the plan to President within 90 days of this order to the Assistant to the President for National Security Affairs and the Assistant to the President for Economic Policy.
Most heads of state and government in Rome travel to Glasgow for the G-20 summit. On Saturday, US President Joe Biden, German Chancellor Angela Merkel, French President Emmanuel Macron and British Prime Minister Boris Johnson will meet on the sidelines of the opening session to discuss the next steps in the Iran nuclear program. Photo President Biden, second from left, poses for a family photo with other world leaders and officials at the Group of 20 summit in Rome on Saturday.