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Home»Economic News»Donald Trump victory threatens to throw G20 initiatives into disarray
Economic News

Donald Trump victory threatens to throw G20 initiatives into disarray

November 17, 2024No Comments3 Mins Read
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Donald Trump’s presidency in the United States is already causing disruptions to global initiatives on climate change and taxation. Diplomats from the world’s wealthiest nations are facing challenges in maintaining a fragile consensus as they prepare for a G20 summit in Brazil.

Argentina, led by President Javier Milei, a close ally of Trump, is threatening to block a joint communique that G20 leaders are set to endorse at the upcoming meeting in Rio de Janeiro. This is due to objections related to taxation of the super-rich and gender equality, according to sources familiar with the negotiations.

Efforts to finalize statements on climate finance and geopolitical issues such as Russia’s conflict with Ukraine are underway, with negotiators racing against time as leaders arrive in Brazil.

A compromise text has been circulated for preliminary approval, but it remains uncertain if all countries will agree to it. Bilateral negotiations are expected between Brazilian officials and the Argentine delegation.

The discord over financial contributions from developing nations to combat global warming mirrors discussions at the UN COP29 climate summit happening concurrently in Baku.

Milei’s position has raised concerns among western diplomats who worry that Trump’s presidency will embolden conservative allies and lead to countries withdrawing from ambitious agreements, particularly on issues like climate change.

Argentina’s opposition to the draft communique follows Milei’s meeting with Trump in Florida, the US president-elect’s first encounter with a foreign leader since his election victory.

Despite these challenges, UK Prime Minister Sir Keir Starmer remains optimistic about global cooperation on climate change, emphasizing the importance of leadership on the issue.

UN Secretary-General António Guterres has urged all countries at the G20 summit to work towards consensus to ensure the meeting’s success and global influence.

The Rio summit, focusing on poverty alleviation, governance reform, and climate issues, is the first major gathering of world leaders post the US election. Many fear that Trump’s opposition to planned conclusions may overshadow the event.

Argentina objected to language on taxation that it had previously agreed to, as well as references to the Paris agreement and sustainable development goals. Milei’s team withdrew from the COP29 summit in a move that further complicated negotiations on climate finance.

The G20 communique discussions are also strained due to existing tensions over Russia’s actions in Ukraine and conflicts in the Middle East. Russian President Vladimir Putin will not attend, while Chinese President Xi Jinping is expected to uphold Beijing’s stance on these issues.

As the final G20 summit for US President Joe Biden, questions arise about the future of the initiatives pursued under his administration. European diplomats express concerns about losing momentum without US leadership.

given sentence:

“The cat sat on the windowsill and watched the birds outside.”

Rewritten sentence:

The cat perched on the windowsill, observing the birds outside.

disarray Donald G20 initiatives Threatens throw Trump Victory
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