G20 countries should consider more trade barriers with China to cut imbalances, Bessent says
ASHEVILLE, North Carolina — U.S. Treasury Secretary Scott Bessent told Reuters on Sunday that he will encourage G20 member countries to re-examine their terms of trade with China as part of efforts to shrink global imbalances and press Beijing to rebalance its economy away from exports towards more domestic consumption. Bessent said in an interview ahead of a G20 finance leaders meeting that the…
U.S. Treasury Secretary Scott Bessent has suggested that G20 countries should reconsider their trade relationships with China in order to address global imbalances, according to Reuters. Speaking ahead of a G20 finance leaders meeting, Bessent argued that the ongoing flow of Chinese exports is unsustainable, despite the U.S.'s improving trade position with China.
He emphasized that China's economy is weak and that the country needs to rebalance away from export-driven growth. The U.S. has implemented high tariffs and bans on certain Chinese products, prompting China to redirect its exports to other regions, particularly Europe and Latin America. Bessent stressed that it would be up to other countries to provide China with incentives to shift towards domestic consumption and away from exports.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
- G20 countries should consider more trade barriers with China to cut imbalances, says Bessent freemalaysiatoday.com
- G20 countries should consider more trade barriers with China to cut imbalances, Bessent says investing.com
- G20 countries should consider more trade barriers with China to cut imbalances, Bessent says koreatimes.co.kr
