US Treasury chief calls for tougher G20 trade stance on China
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Ashville: US Treasury Secretary Scott Bessent has urged G20 member countries to consider imposing more trade barriers on China in order to address rising global trade imbalance. Speaking ahead of a G20 finance ministers conference, Bessent said China's $1.2 trillion trade surplus was unsustainable and encouraged Beijing to shift its focus from export-driven development to higher domestic consumption.
According to Bessent, the United States has already imposed large taxes and limitations on Chinese commodities, causing Chinese exports to be rerouted to European and Latin American markets. He stated that other big economies should examine their economic relations with China and offer incentives for Beijing to rebalance its economy.
The request comes as European countries become increasingly concerned about surging Chinese exports, particularly in manufacturing and the automotive industry. Bessent will likely push for increased coordination among G20 countries on trade imbalances, but tensions between China, the United States, and other nations could make a joint strategy difficult.
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