America’s G20 opportunity

On December 1, 2025, the United States assumed the 2026 presidency of the G20. It was during the previous U.S. G20 presidency in 2008-2009 that this intergovernmental forum comprising the world’s largest economies was elevated to the level of heads of state/government and designated as the premier forum for international economic cooperation. The world then was in the throes of a global financial crisis and the G20 played a crucial role in coordinating a timely and strong global response. The crisis was a vivid reminder of how interconnected the global economy and financial markets had become.

The world today faces a complex of big challenges—from managing major geopolitical shifts to powerful new technologies to climate change. The current U.S. G20 presidency creates an opportunity for the United States once again to demonstrate leadership in addressing global challenges.

The global economy and global economic governance face a grave risk of fracturing from intensified geopolitical rivalries and tensions. International trade and finance are seeing increasing fragmentation driven by these geopolitical developments, to the detriment of all. The role of the G20 takes on an even greater significance in this context as a forum that convenes all the major players, including the United States and China, the leading competing powers, at the highest level around an agenda of shared interests.

The U.S. G20 presidency comes at an opportune time. Under the Trump administration, the United States has increasingly retreated from multilateral engagement. The G20 presidency helps to reengage the United States multilaterally, and in a visible, high-profile manner.

Strong U.S. leadership at the international level remains vital to addressing global challenges effectively. It is also crucial for advancing the United States’ own economic and strategic goals. Political rhetoric aside, the United States has been a big—arguably the biggest—beneficiary of the system of multilateral cooperation that it took the lead in establishing and steering. Abandonment or undermining of the system by the United States would be neither in the world’s interest nor its own.

The G20 agenda under the U.S. presidency is beginning to take shape. The U.S. administration has announced a focus on three core thematic priorities: unleashing economic prosperity by limiting regulatory burdens; unlocking reliable and affordable energy options; and pioneering new innovative technologies. It has also announced the launch of three working groups to develop concrete deliverables for each of these themes, and the launch of an additional working group to identify areas of consensus on trade issues. The United States intends to return the G20 to its core economic agenda. A G20 Summit is planned to be held in Miami in December 2026 to round out the U.S. presidency.

The core themes announced by the United States are all important priorities in promoting strong, sustainable, and balanced economic growth. Much will depend on how the agenda is defined and approached in each case, and how well it coheres with the broader goals. It must be pursued in a pragmatic, evidence-based, non-ideological way.

For example, deregulation benefits growth when it corrects policy overreach that inhibits entrepreneurship and market dynamism. But care must be taken not to undo the necessary international disciplines covering trade and finance painstakingly developed over the years. And appropriate regulations must be devised for new areas of international engagement, notably digital trade and finance, and for the safe development and deployment of artificial intelligence and related emerging technologies. Similarly, reliable and affordable energy options are critical for economic growth but also for combating climate change. This agenda must be approached in a holistic way, incorporating new sources of energy such as solar and wind technologies, which are becoming increasingly cost-competitive with fossil fuels.

A refocusing of the G20 agenda on its original mandate of addressing core economic issues that demand international cooperation is desirable. Over the years, the forum’s agenda has shown mission creep. The expansion of scope, while often well-intentioned, has come at the expense of focus, coherence, and effectiveness.

Complementing the policy priorities that the United States has outlined, the G20 should also discuss reform of the institutional framework of multilateral economic cooperation on these and related matters. The current multilateral system that has evolved over the postwar period has served the world—and the United States—generally well, but it now needs major reform to make it fit for today’s challenges and aligned with the new global economic and geopolitical realities. The United States, the chief architect of the current system, is best placed to initiate and lead this reform, and the G20 is the right forum for this discussion.

The G20 agenda that the United States has set forth may not offer all that everyone wishes, but if the G20 can be instrumental in furthering agreement and collective action on this agenda, it will be a very worthwhile effort. And it will show the way for international cooperation to succeed even as the geopolitical landscape shifts, and how a forum such as the G20 can bridge divides in an increasingly multipolar world.

Besides the substance of the agenda, the process matters. Especially given the elevated tensions, the work of the G20 must be conducted in a careful, inclusive manner that preserves the integrity and continuity of this forum and the cooperative modalities that underpin it. Continuity is important for the success of any G20 presidency’s agenda, as the leadership of the group rotates among its members annually.

In sum, it is important both for the world’s good and for its own interests that the United States wields its G20 leadership wisely. A missed opportunity risks a continued slide toward greater global fragmentation, entailing costs for all—not least the United States.