G20 countries should consider more trade barriers with China to cut imbalances, says Bessent
Scott Bessent said China's current export surge was unsustainable, although the US trade position with China was 'rapidly improving.'
US Treasury Secretary Scott Bessent has suggested that other G20 nations should consider imposing trade barriers on China to address global imbalances. Speaking ahead of a finance leaders' meeting, Bessent argued that the ongoing surge in Chinese exports is unsustainable and called for a rebalancing of the Chinese economy towards domestic consumption.
He emphasized that China's current US$1.2 trillion trade surplus is untenable, as the Chinese economy is struggling and needs to shift away from export-driven growth. Bessent noted that the US has implemented high tariffs and bans on certain Chinese products, forcing China to redirect its exports, particularly to Europe and Latin America.
He stressed that the global community must review its trade terms with China and provide incentives for the country to reduce its dependence on exports and bolster its weak domestic demand.
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