A meeting of finance ministers and central bank governors from the Group of 20 in Durban, South Africa, will seek to deepen global relationships in "turbulent times", German finance ministry sources said on Tuesday.

The Durban gathering of finance chiefs on Thursday and Friday will be the third meeting under the South African presidency.

“This meeting, like the previous two, is taking place in quite turbulent times,” a German government source said ahead of the gathering. “I don’t need to elaborate—it’s clear to everyone.”

US President Donald Trump's planned imposition of 30% tariff on European goods would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.

“No one benefits as much from open markets and rules-based trade as Germany and Europe do, and the G20 is a crucial forum for multilateral cooperation,” the German official said.

The South African presidency, the first from Africa, is expected to put a particular focus on the interests of the Global South.

Other agenda items include the global economic outlook, the impact of trade policy uncertainties, reform of multilateral development banks, infrastructure development in emerging and developing economies, and international taxation, the sources said.