Archive · 2 Sep 2026
Bessent Warns G20 Subsidies and Export Dependence Fuel Tensions
Scott Bessent told the G20 that some countries rely too heavily on selling goods to other countries.
He said subsidies and limits on market access can make competition unfair.
These policies may weaken businesses and workers in other countries.
They can also make supply chains less dependable.
Bessent said economic imbalances come from government policy choices, not by accident.
He said both countries with large surpluses and countries with large deficits should help fix the problem.
The G20 is studying when these imbalances become dangerous and how their effects spread.
The International Monetary Fund and Organisation for Economic Co-operation and Development are expected to help monitor the situation.
United States Treasury Secretary Scott Bessent warned that subsidies, restricted market access and export dependence are intensifying global economic tensions.
He said excessive and persistent imbalances can hurt workers, weaken supply-chain resilience and increase economic vulnerabilities.
Bessent argued that imbalances result from cumulative government policies involving savings, consumption, investment, subsidies, market access and exchange rates.
G20 officials agreed that imbalances are most concerning when they are excessive, persistent and unsupported by economic fundamentals.
He called for stronger monitoring and policy advice from the International Monetary Fund and Organisation for Economic Co-operation and Development.
- Who
- United States Treasury Secretary Scott Bessent, G20 economies, and officials from the International Monetary Fund and Organisation for Economic Co-operation and Development.
- What
- A G20 discussion examined how subsidies, restricted market access and export dependence contribute to excessive global economic imbalances.
- When
- G20 deputies and technical officials have worked on the issue since April; the specific meeting date is not stated.
- Where
- At a G20 meeting in Asheville.
- Why
- To develop a common understanding of harmful imbalances and identify policies to reduce their effects on growth, workers, supply chains and financial stability.
- Main warning
- Persistent global imbalances can hurt workers, weaken supply-chain resilience and create economic tensions.
- Policies cited
- Subsidies, restricted market access, export dependence, savings, consumption, investment and exchange-rate policies.
- Most concerning imbalances
- Those that are excessive, persistent and larger than underlying macroeconomic fundamentals justify.
- Shared responsibility
- Both surplus and deficit economies have a common interest and responsibility in addressing imbalances.
- International institutions
- The International Monetary Fund and Organisation for Economic Co-operation and Development have roles in monitoring imbalances and recommending policies.
- G20 participants
- The Group of Twenty includes major economies such as India, the United States, China, Japan, Germany and Brazil.
- Financial risks
- Bessent urged continued vigilance over possible risks to the financial sector.