Bessent says he’ll ask G20 to rethink trade terms with China
The G20 meeting comes while the war in Iran disrupts energy markets and amid a trade fight between the U.S. and Canada
US Treasury Secretary Scott Bessent raised concerns over China's global trade surplus during a G20 meeting in Asheville, North Carolina. He warned of "persistent global imbalances" that undermine prosperity. China's trade surplus reached an all-time high of $1.2 trillion in 2025, up 20% from 2024. Bessent suggested China needs to rebalance its economy and end its "overcapacity" through state subsidies.
China denied intentionally pursuing a trade surplus and expressed opposition to unilateral tariffs. The US aims to curb Chinese imports through tariffs and other measures. Meanwhile, Chinese officials pushed back against the allegations, emphasizing their country's technological innovation and market competition as the reasons for industrial overcapacity.
The US and China are working towards reducing tariffs and other trade barriers in a potential bilateral trade truce.
Written by urgent.news from Reuters Business via SCMP's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
