US urges G20 to cut trade imbalances, focus on China
ASHEVILLE, North Carolina, Sept 1 (Reuters) - The Trump administration urged other G20 countries on Tuesday to do more to protect their domestic industries and job markets from Chinese imports, arguing such distortions were "sucking" much-needed growth out of the global economy.
The U.S. urged G20 nations to address trade imbalances, particularly those involving China, during a finance ministers meeting in Asheville, North Carolina. Treasury Secretary Scott Bessent argued that China's massive export push and undervalued currency were sucking growth out of the global economy. Poland's Finance Minister Andrzej Domanski echoed this sentiment, stating that China's policies are a problem for Europe as well.
Chinese exports rose by 23.9% in July year-on-year, with a large portion going to Europe. European Economy Commissioner Valdis Dombrovskis acknowledged China's role in global imbalances but noted that other countries, including the U.S., also had responsibilities. German Finance Minister Lars Klingbeil pointed to the Iran war and U.S.-China tariff disputes as sources of global economic uncertainty.
Despite these concerns, it remained unclear whether the G20 would agree on a joint communique to reduce global imbalances, as China showed little interest in reducing industrial subsidies and maintaining an undervalued currency.
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- US urges G20 to cut trade imbalances, focus on China sabcnews.com
- US urges G20 to cut trade imbalances, focus on China koreatimes.co.kr
- US urges G20 to cut trade imbalances, focus on China aljazeera.com
