Bessent urges G20 to raise barriers to Chinese exports
Why it matters: The US wants a joint G20 stance on trade imbalances as China’s $1.2 trillion surplus fuels pressure on Europe and Latin America.
Treasury Secretary Scott Bessent said he will press G20 finance leaders to reconsider their trade terms with China, arguing that Beijing’s export-led growth is worsening global imbalances. Speaking before the finance meeting in Asheville, North Carolina, Bessent said the world “cannot have a China with a US$1.2 trillion trade surplus” and urged countries to give Beijing an incentive to boost domestic demand instead of shipping more goods abroad. The US is seeking a joint G20 statement on reducing trade and current account imbalances. Bessent said US tariffs since Donald Trump returned to office in 2025 helped cut the US trade deficit with China by a third in the first half of 2026, to $73.9 billion.