China dissented from G20 statement opposing 'cheap exports' flooding market, Bessent says

Treasury Secretary Scott Bessent spoke to reporters at the G20 Finance Ministerial in Asheville, N.C. He mentioned that he had warned other nations at the beginning of President Donald Trump's second term that the new U.S. "tariff wall" would mean that Chinese goods would flood their markets. According to Bessent, this is what happened.

Bessent urged his G20 counterparts to take measures to protect their citizens' jobs and manufacturing base. He suggested that they should consider using tariffs and other measures to crack down on trade imbalances. The Trump administration's tariff policies have been criticized for raising costs for U.S. consumers.

The Associated Press reported that China dissented from a G20 statement opposing cheap exports flooding the market, with Bessent making these comments. Bessent also leads the Trump administration's plan to choke off Iran's economy by threatening its business partners with secondary sanctions.

Brief written by urgent.news from CNBC, CNBC World, Associated Press — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.