The United States aims to pare the Group of 20 major economies back to its financial roots next year when it takes over the rotating presidency from South Africa, sources familiar with the Trump administration's plans said.

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,

National Treasury said that finance ministers and central bank governors were on the brink of reaching consensus as fiscal and monetary policy leaders meet for a third time under South Africa’s G20 presidency.

"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."

He is of the view that SMEs in the country already embody the B20 theme of ‘Inclusive Growth and Prosperity through Global Cooperation’. Morobe highlighted that the B20 provides a platform for the country to showcase how homegrown enterprises are setting standards for inclusive and sustainable growth.

South Africa’s G20 presidency shouldn’t drop the baton passed by Brazil on this crucial issue that underpins good governance.

Treasurers, finance ministers and central bank governors are currently gathering in South Africa for G20 Finance Ministers and Central Bank Governors meetings.

Delivering the opening remarks at the 3rd G20 Finance Ministers and Central Bank Governors Meeting, held in KwaZulu-Natal, Godongwana called for unity, decisive policymaking, and a commitment to inclusive multilateralism.