US pushes G20 to cut trade imbalances, focus on China
The US presses G20 countries to confront trade gaps with China, but divisions over subsidies, rare earth curbs and Russia cloud a joint communique.
The United States is urging G20 countries to address global trade imbalances, particularly with China, as bond market volatility raises inflation concerns. The administration is pushing for higher trade barriers on Chinese goods and urges China to rebalance its economy away from exports. China's massive export-driven growth has created pressure on economies worldwide, particularly as the US has imposed tariffs on Chinese products.
European officials have also called for tougher restrictions on Chinese imports, citing Beijing's undervalued currency and chronic weak domestic demand. While the US has not produced a plan to reduce its own excessive fiscal deficits, European officials believe China needs to spend more and that all economic blocs must take action to address the imbalances.
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- US pushes G20 to cut trade imbalances, focus on China channelnewsasia.com
