Bessent Wants a Global Response to China's Export Boom, Tells G20 Countries to Reconsider Terms of Trade
Bessent says countries should weigh new barriers as the United States seeks a G20 statement on trade and current-account imbalances.
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5 Articles
US targets China’s global trade surplus at G20 meeting ahead of Xi-Trump summit
US Treasury Secretary Scott Bessent on Monday targeted China’s global trade surplus, raising concerns over “excessive imbalances,” weeks before Chinese President Xi Jinping is expected to arrive in Washington for a bilateral summit with US President Donald Trump. “We are confronting persistent global imbalances that undermine prosperity,” Bessent said in his opening address at the G20 Finance Ministers’ meeting in Asheville, North Carolina. The …
The head of the United States Ministry of Finance, Scott Bessen, called on the G-7 States to change the terms of their economic interaction with Beijing against the backdrop of a huge trade surplus. Bessent appealed to G-7 countries to adjust their economic relations with China, transmitting RT with reference to Bloomberg. In his statement, the head of the agency drew particular attention to the financial performance of the Asian Republic. "The …
United States Treasury Secretary Scott Biscent called on the G-20 members to review their terms of trade with China, while his German counterpart, Lars Klingbael, called for an end to the wars affecting the economy.
Bessent Wants a Global Response to China's Export Boom, Tells G20 Countries to Reconsider Terms of Trade
Bessent argued that weakness in China's domestic economy has increased Beijing's reliance on exports, creating mounting pressure on other economies absorbing Chinese goods.
Bessant stated, "The world cannot have a China with a $1.2 trillion trade surplus. The Chinese economy is currently quite weak, and they are trying to get out of trouble by expanding exports; they need to rebalance their economy." Therefore, the rest of the world must work together to establish mechanisms and incentives to prompt China to thoroughly adjust its economic structure, reduce its dependence on exports, and genuinely boost domestic dem…
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