Bessent says 19 finance ministers agreed 'never-ending stream of cheap exports' is unsustainable, but China dissented
Bessent said the agreement shows the scale of trade imbalances as the U.S. pushes tariffs and other measures to curb Chinese exports.
- On Tuesday, Treasury Secretary Scott Bessent announced that 19 G20 members agreed to address "cheap exports" causing global imbalances, while China dissented at the Asheville, North Carolina summit.
- Bessent warned that "non-market based economies" drive unsustainable export streams, citing China's record-high $1.2 trillion trade surplus in 2025 as a barrier to global growth.
- Canadian Finance Minister François-Philippe Champagne said Russian Finance Minister Anton Siluanov's attendance "created a lot of discomfort," while Bessent noted common ground with China on Iran.
- Bessent called gaining 19-nation consensus "incredible," stating countries will take action in coming "days, weeks or months" to resolve the "unsustainable equilibrium."
- President Donald Trump and Chinese President Xi Jinping will discuss AI policy later this month, as the administration eyes an additional 7.5% tariff on Chinese imports.
17 Articles
17 Articles
Bessent: China Was Sole Dissenter on G20 Summit Statement
U.S. Treasury Secretary Scott Bessent arrives to speak at a press conference at the close of the G20 Finance Ministers and Central Bank Governors' meeting on its final day in Asheville, N.C., on Sept. 1, 2026. (Allison Joyce/AFP via Getty Images)
China did not join the G20 final statement, which condemned the "non-market economy that delivers cheap exports", as reported by US Treasury Secretary Scott Bessent. "I was hoping to announce a unanimous joint communiqué today," quoted BSCNBC at a press conference, in which he stressed that the agreement of 19 other members "demonstrates the magnitude of the problem." US Treasury Minister Scott Bessent stated that his fears were confirmed when h…
Bessent says 19 finance ministers agreed ‘cheap exports’ are unsustainable, but China dissented – WTOP News
ASHEVILLE, N.C. (AP) — Treasury Secretary Scott Bessent said Tuesday that 19 of the members of the G20 agreed to address streams of “cheap exports” that cause global economic imbalances, but China dissented. Bessent said that getting even 19 countries to agree to take on the problem was “incredible” and shows “the sheer the enormity...
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