US targets China’s global trade surplus at G20 meeting ahead of Xi-Trump summit
US Treasury Secretary Scott Bessent on Monday targeted China’s global trade surplus, raising concerns over “excessive imbalances,” weeks before Chinese President Xi Jinping is expected to arrive in Washington for a bilateral summit with US President Donald Trump. “We are confronting persistent global imbalances that undermine prosperity,” Bessent said in his opening address at the G20 Finance…
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.
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