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The US G20 Presidency Could Take Trump's Pro-Billionaire Agenda Global
There’s a real risk that the US presidency could advance an economic agenda that prioritizes the interests of the wealthy while sidelining efforts to tackle inequality, strengthen fair taxation, and resolve deepening debt crises worldwide.
Apr 12, 2026
In just a year, the wealth of the 10 richest US billionaires increased by $698 billion dollars, while low-wage workers struggled as the Trump administration pushed an inequality-fueling agenda. Now, concerns are growing that the same policy choices—those driving a massive transfer of wealth to the richest—could be projected onto the global stage.
The United States recently assumed the presidency of the G20—a major platform for heads of state and governments to address global economic issues. The presidency is a role that carries significant influence over global economic priorities. There’s a real risk that the US presidency could advance an economic agenda that prioritizes the interests of the wealthy while sidelining efforts to tackle inequality, strengthen fair taxation, and resolve deepening debt crises worldwide.
Instead of focusing the G20 on poverty alleviation, reducing inequality, or dealing with a pending global economic crisis, the US government focus will center on removing regulatory burdens, unlocking energy supply chains, and pioneering new technologies and innovation. This marks a sharp departure from the 2025 theme of “Solidarity, Equality, and Sustainability” and signals a shift toward exporting the Trump administration’s domestic agenda to the global stage.
This all comes at a time when inequality is rising across most countries, and many low- and middle-income nations face mounting debt and stagnant growth.
As the US government so blatantly prioritizes wealthy interests, it is a critical moment for civil society to step forward—organizing and advancing an agenda that breaks decisively from the G20’s all-too-often emphasis on preserving the status quo.
US officials are pitching a “back to the basics” approach—which in reality is a sidelining of issues such as inequality, poverty, labor, climate, and gender. It is also widely anticipated that the Trump administration will restrict avenues for civil society participation.
Current plans suggest a focus on the leaders’ summit and financial track; a reduction in working groups; and formal engagement limited to business stakeholders, excluding civil society organizations, women’s groups, labor unions, and youth representatives. Even acknowledging that past G20 efforts on sustainable development have been uneven, this “back to the basics” approach risks abandoning critical priorities altogether.
Recent G20 presidencies led by Brazil and South Africa demonstrated a different trajectory, placing inequality and debt at the center of global discussions. South Africa’s 2025 presidency elevated the urgency of inequality by commissioning the first-ever G20 report on the issue. Led by professor Joseph Stiglitz, the report described a global “inequality emergency” and proposed the creation of an International Panel on Inequality to guide coordinated action.
Against this backdrop, the Trump administration’s domestic policies, including the 2025 One Big Beautiful Bill Act (OBBBA), represent one of the largest upward transfers of wealth in decades, making it unlikely that current US leadership will champion similar efforts internationally.
Progress on global tax cooperation is also under threat. Brazil’s 2024 presidency achieved a breakthrough agreement to cooperate on taxing high-net-worth individuals. While extreme wealth concentration has increased in recent years, research shows billionaires pay effective tax rates close to 0.3% of their wealth—well below what average workers contribute.
Yet in 2025, the Trump administration has already taken actions that undermine these efforts, including withdrawing from United Nations tax negotiations, pressuring other advanced economies to shield US corporations from global tax agreements, and opposing measures such as digital services and carbon taxes.
Climate action presents another area of concern. G20 countries are responsible for approximately 80% of global greenhouse gas emissions, yet many continue to fall short of their commitments. The US administration’s withdrawal from the Paris Agreement and rollback of domestic climate policies reflect a broader retreat from climate leadership.
The Trump administration’s emphasis on expanding energy supply chains raises the possibility that fossil fuel development could be prioritized over clean energy transitions, particularly if multilateral development banks are encouraged to increase investments in oil and gas projects.
Taken together, these signals suggest that the 2026 US G20 presidency could mark a significant retreat. Rather than building on recent efforts to address inequality, debt, and climate change, it may instead shift the forum toward a narrower agenda that prioritizes elite and corporate interests.
The direction ultimately taken will have far-reaching consequences, not only for the credibility of the G20 but for the future of global economic cooperation. As the US government so blatantly prioritizes wealthy interests, it is a critical moment for civil society to step forward—organizing and advancing an agenda that breaks decisively from the G20’s all-too-often emphasis on preserving the status quo.
Now is the time for people, institutions, and movements to unite and champion bold new forms of multilateral cooperation that serve billions, not billionaires.
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Why We Must Replace the Global Economic System Built by the 1%
This is not rocket science and the global majority, the 99%, have the answers and are already putting them into practice.
Nov 22, 2025
This year’s G20 Leaders Summit is taking place in Johannesburg, a short distance from Constitution Hill, a former prison complex that once held Nelson Mandela and other South African democracy fighters. As the world’s most powerful leaders meet behind closed doors, this former apartheid prison turned museum will publicly write another page in the history of global economic emancipation.
Movements, workers, activists, thinkers, creatives, artists, and communities from across South Africa, Africa, Asia, and Latin America are gathering for a three-day People’s Summit for Economic Justice — a counter to the G20 — to build the power of the 99 percent. The Constitution Hill’s Old Fort, Women’s Jail, and former men’s prison cells are hosting radical conversations, art, music, and action for the Global Majority to tell their own story, share struggles and solutions, and show that another world isn’t just possible — it’s already being built by communities writing their own future.
The G20 member countries account for over 85 percent of the global GDP. Over this forum’s two and half decades of existence, the G20 has failed to use its combined economic weight to steer global financial, trade, development, and fiscal policies to address global economic and environmental challenges. Instead, it has served the interest of the 1 percent: elites, corporations, and billionaires.
As a result, a handful of billionaires and super rich people globally have amassed far more wealth than they need, abusing the power they possess. They are wrecking democracies across the world as they make rules in their favor at the expense of the 99 percent and the planet.
South African President Cyril Ramaphosa appointed an “Extraordinary Committee” of independent experts that published the first-ever G20 global inequality report earlier this month. The report shows that the richest 1 percent has captured 41 percent of all new wealth since 2000, while the bottom half of humanity received just 1 percent. The report notes that one in four people globally now face food insecurity even as the wealth of billionaires reaches levels equivalent to up to 16 percent of global GDP. Those words will not mean much to those on the frontlines of inequality without action, without redistribution.
The International Monetary Fund, the World Bank, and other bodies have also acknowledged that extreme inequalities are thwarting the pace and sustainability of economic growth, eroding social cohesion and trust, and undermining democratic institutions and political stability that is fueling conflict and social unrest. However, they are still part of the problem, not the solution.
Enraged young people from Morocco to Madagascar, Kathmandu to Lima continue to lead street protests worldwide demanding accountability and challenging economic systems because they are not working for them. They are frustrated by poor service delivery, abuse of power concentrated in the hands of a few, unfulfilled promises, economic systems that continue to squeeze the little they earn, unemployment, unjust debt and climate breakdown.
They are drawing a red line against the failed systems and saying loud and clear, “Enough is enough.”
This is a time bomb and a bigger explosion threatens the planet and everyone on it, regardless how fat their bank account is. But we have solutions. This is not rocket science and the global majority, the 99%, have the answers and are already putting them into practice.
Wealth taxes are a progressive solution to address extreme inequalities — far better than the consumption taxes that many governments in the Global South are imposing on their people to service unjust debt and compensate for unpaid taxes by the super-rich. Taxing the super-rich can generate significant recurring revenue and restore public trust. Tax revenues from the super-rich are enough to fund essential services, such as education, healthcare, and social safety nets, which are key drivers of long-term inequality reduction.
Participants in the People’s Summit are also demanding that rich polluters pay for just transitions to clean energy. They are calling for redistributing health care to guarantee reproductive justice and bodily autonomy. And they are demanding protection of civic space and cultural rights by defending the freedom to speak, organize, and create.
The 2025 G20 Leaders Summit taking place not far from the We the 99 Peoples Summit has an opportunity to right the wrongs of the past by listening to the global majority that are gathered at Constitution Hill. Global leaders, including the G20, must stop turning for solutions to the same elites who created and continue to fuel the inequality crisis. Instead, they need to listen to the voices of the 99% – the people who have endured inequality and survived against all odds.
The 99% hold the answers. And the answer is clear: replace the system built by the 1% with a system designed for and by the 99%.
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The G20 Is a Failure, But Can It Do Better to Correct Past Mistakes?
World leaders heading to the G20 summit should use this rare multilateral space to advance a more equitable and sustainable global economy. Will they?
Nov 15, 2025
Multilateralism is in tatters. Instead of rules-based, consensus agreements, global economic relations have largely devolved into one-on-one arm-twisting and name-calling, alternating with fawning sycophancy and lavish personal gifts. In recent negotiations with Asian leaders, President Trump scored a gold golf ball, a gold crown, and a gold-flecked dessert.
In a world already divided by extreme inequalities, the collapse of multilateralism makes it even more likely that the most powerful players — the largest economies and the wealthiest corporations and individuals — will score the best deals. Small countries and ordinary people, from Iowa soybean farmers and Mexican factory workers to digital service consumers in Cambodia, are even more likely to get the shaft.
The G20 is a space that was intended to catalyze multilateral action. In fact, it touts itself as the “the premier forum for international economic cooperation,” and it is the one place where leaders of the world’s largest economies sit down together at least once a year for face-to-face dialogue.
South Africa will host this year’s G20 summit from November 22 to 23, and the United States will host the next one in December 2026. Do we have any reason to think this forum holds potential for not only restoring multilateralism but also advancing a more equitable global economy?
This is a question I’ve grappled with over the past several months as part of a team of analysts from the UK, Brazil, South Africa, and other countries. In our new joint report, The G20 at a Crossroads, we document a few examples of decisive actions this body has taken during its nearly two decades of existence.
In the midst of the financial crisis that erupted in 2008, for instance, labor unions and others successfully lobbied G20 leaders to adopt coordinated stimulus measures that helped avoid a depression-level global collapse.
In response to the Covid-19 pandemic, the G20 approved of at least some debt relief for low-income countries and authorized $650 billion in financial aid in the form of “special drawing rights,” the largest-ever allocation of this IMF-created international reserve asset.
These actions were far from perfect. Governments prematurely aborted the stimulus programs they adopted after the 2008 crash in favor of austerity budgets that deepened and prolonged economic crises.
Pandemic support programs were woefully insufficient for the poorest countries and failed to prevent many of them from sinking even further into debt. Between 2019 and 2023, Sub-Saharan Africa’s total external debts increased from $747 billion to $864 billion while the number of global billionaires grew from 2,153 to 2,640. Overall, 3.4 billion of the world’s people live in countries that spent more money in the years 2021-2023 servicing their foreign debts than on public education or health.
What can we learn from these examples? G20 leaders obviously have the power to mobilize vast resources, but the few times they’ve used this power, the focus has largely been on containing market crises to protect the interests of the wealthiest creditors and investors rather than improving the lives of the most vulnerable.
And so while we need to push for renewed multilateralism, we cannot be satisfied with a return to old models. We need new approaches that go beyond crisis management to build a more resilient, sustainable, and just global economy for the long term.
To achieve this, the G20 must tackle what we describe in our report as the “lived crises of our time” — the daily realities of extreme droughts, food insecurity, unaffordable housing, precarious work, debt traps, and forced displacement.
Decades of neglecting these threats to global stability has undercut the welfare of people in both the Global North and South. High levels of poverty and unemployment in the developing world, for example, weaken the bargaining power of U.S. workers who are competing in a global labor pool.
Climate change, obviously, knows no boundaries. And skyrocketing inequality is fueling political polarization, authoritarianism, and xenophobia around the world, as elites deflect blame onto migrants and other convenient scapegoats instead of confronting structural failures.
Last year, the Brazilian presidency took important steps towards broadening the G20 agenda. Through diplomacy, sustained civil society engagement, and collaboration with innovative academics, they elevated critical proposals for clean energy financing, taxing extreme wealth, and valuing care work. And while they did not secure G20-wide cooperation on these fronts, their efforts gave a boost to campaigns in numerous countries for increasing taxes on billionaires and ensuring decent pay for caregivers and affordable care for those who need it.
“Wherever we live, we all want the same things — a secure place to live, a healthy environment, the ability to care for our loved ones, and the chance to plan for our future,” notes our lead report author, Fernanda Balata, of the New Economics Foundation.
With political will and a commitment to cooperation, G20 leaders have the power to deliver these basic elements of a dignified life to billions of people.
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