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G20 ministers have concluded their two-day meeting in North Carolina with a joint statement warning against 'rigid' regulations on emerging technologies, particularly AI. The statement reflects concerns that overregulation could hamper innovation in critical tech sectors seen as future growth drivers, while stressing the need for international cooperation in building consistent legal frameworks.
At the G20 meeting in the US, Washington pushed for looser AI regulations to foster growth, while the EU announced expanded scrutiny of AI firms under its AI Act. The conflicting approaches highlight a growing transatlantic divide.
The G20 has reiterated its pledge to keep exchange rates aligned with economic fundamentals, a move intended to calm global financial markets. The statement follows a meeting of finance ministers and central bank governors and underscores the group's commitment to avoiding competitive devaluations and enhancing policy coordination.
At the recent G20 summit, member states agreed to tighten non-market policies, but China did not join the consensus. The move reflects rising concerns over state intervention in trade, and could affect future negotiations.
US Treasury Secretary Scott Bessent urged G20 nations to adopt tariff-like measures to counter trade imbalances, singling out China for its export surge. He warned that non-market economies are 'draining' global growth, though critics note US tariffs have raised consumer costs.
Russian Finance Minister Anton Siluanov attended the G20 meeting in Asheville, North Carolina, marking Russia's first in-person presence since 2022. European officials criticized the move, while some bilateral talks focused on the Ukraine peace plan.
US President Donald Trump announced on May 11 that Chinese President Xi Jinping has expressed a desire to attend the G20 summit to be held in the United States in December. Trump did not provide details on their conversation. This is the first time Trump has publicly mentioned Xi's potential attendance, which could offer a platform for direct talks amid ongoing US-China tensions.
