Bessent to Ask G20 Members to Review Trade Terms With China
Scott Bessent plans to urge G20 members to reassess their trade relationships with China, arguing Beijing is relying on exports to offset weaker growth as Washington and Beijing approach a high-stakes leaders’ summit.
U.S. Treasury Secretary Scott Bessent said he will urge G20 members to reassess their trade terms with China, putting Beijing’s export model at the center of finance talks in North Carolina.
“The world cannot have a China with a $1.2 trillion trade surplus,” Bessent told Reuters on Sunday. “The rest of the world is going to have to examine their terms of trade with China.”
Pressure on China’s Export Model
Bessent said Chinese policymakers were attempting to “export their way” out of a growth slowdown.
He argued that other economies should push Beijing to strengthen domestic demand rather than depend on foreign shipments.
His comments came ahead of a meeting of G20 finance officials in Asheville, North Carolina, on Monday.
Trump-Xi Summit Approaches
The renewed U.S. pressure comes as President Donald Trump and Chinese President Xi Jinping prepare to meet next month.
Washington and Beijing are operating under a fragile tariff truce that is due to expire in November unless the two sides agree to extend it.
Bloomberg News reported last week that the U.S. was preparing to impose a 7.5% tariff on Chinese goods over allegations of excess manufacturing capacity ahead of the Washington meeting.
Such a move would bring Trump’s second-term tariffs on China back to about 20%, a level Beijing has said remains consistent with the existing truce.
Beijing Rejects Tariff Pressure
China said differences with the U.S. should be addressed through dialogue.
“China-US economic and trade ties are mutually beneficial in nature,” Chinese Foreign Ministry spokesman Guo Jiakun said at a regular briefing in Beijing on Monday.
“China never seeks a trade surplus and opposes unilateral tariff measures in all forms,” he added.
Wider G20 Strains
The G20 gathering is also taking place against disruption in global energy markets caused by the war in Iran and after a contentious trade dispute between the U.S. and Canada.
German Finance Minister Lars Klingbeil said he would use the talks to argue for an end to conflicts that are damaging economic activity.
Choose Clash Report as a preferred source and see our reporting first in Top Stories.
