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 the global community should reassess trade relations with China in order to address global imbalances, according to Reuters. Speaking ahead of a G20 finance leaders meeting, Bessent argued that China's current $1.2 trillion trade surplus is unsustainable and that the country's economy is struggling, leading it to push for exports to stimulate growth.
The US has implemented tariffs and bans on certain Chinese goods, causing Chinese exports to shift to other markets like Europe and Latin America. Bessent believes it falls to other countries to offer incentives for China to transition from an export-driven economy to one with stronger domestic demand.
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