2 days ago
Bessent Urges G20 to Consider More Trade Barriers on China
Scott Bessent is the US Treasury secretary.
He says China sells much more to the world than it buys.
He believes this creates problems for other countries and makes the global economy less balanced.
Bessent wants G20 countries to review how they trade with China.
He says they may need to use more barriers on Chinese goods.
He also wants China to encourage its own people to buy more products at home.
The United States has already imposed high tariffs and some product bans on China.
Bessent says those measures helped redirect some Chinese exports to Europe and Latin America.
US Treasury Secretary Scott Bessent urged G20 countries to reassess their trade relationships with China.
He said countries should consider additional trade barriers to reduce global economic imbalances.
Bessent called on China to rely more on domestic consumption and less on exports.
He said China’s roughly $1.2 trillion trade surplus was unsustainable and linked to weak domestic demand.
Bessent said existing US restrictions had redirected some Chinese exports toward Europe and Latin America.
- Who
- US Treasury Secretary Scott Bessent and G20 finance leaders.
- What
- Bessent urged G20 countries to reassess trade terms with China and consider more trade barriers.
- Where
- The meeting is to take place in Asheville.
- When
- Ahead of a meeting of G20 finance ministers and central bank governors.
- Why
- To address global economic imbalances and encourage China to shift from export-led growth toward domestic consumption.
Key facts
- Speaker
- Scott Bessent, US Treasury secretary
- Forum
- G20 finance ministers and central bank governors
- China’s trade surplus
- About $1.2 trillion, according to Bessent
- Proposed response
- G20 countries should reassess trade relationships and potentially introduce more barriers
- Requested economic shift
- China should strengthen domestic consumption and reduce reliance on exports
- Existing US measures
- High tariffs and bans on certain Chinese products, including automobiles
- Reported export destinations
- Europe and Latin America received diverted Chinese exports, according to Bessent
Quotes
Scott Bessent
US Treasury Secretary
“The rest of the world is going to have to examine their terms of trade with China.”
firstpost.com
“The world cannot have a China with a $1.2 trillion trade surplus.”
firstpost.com
Sources
Related news
Bessent Presses G20 on China Trade and Iran Sanctions
China Blocks G20 Consensus Over Trade Imbalance Proposals
G20 Finance Chiefs Back Action on Trade Distortions, Except China
Bessent Faces G20 Test Over Tariffs, Iran War, Debt
Bessent Warns G20 Subsidies and Export Dependence Fuel Tensions
G20 Finance Meeting to Address Growth, Imbalances and Iran Sanctions
Ikea cuts European prices as cost pressures weaken demand
Europe's Bond Selloff Deepens as Middle East Tensions Lift Oil
China’s Rapid Car Development Faces Growing Safety Scrutiny
CNG Prices Rise Rs 2 per Kilogram in Pune
China Challenges US Leadership in Escalating Global AI Contest