China Dissents From G20 Statement Opposing 'Cheap Exports', Says Bessent
Treasury Secretary Scott Bessent revealed that China was the only Group of 20 member to dissent from a joint statement condemning non-market based economies for flooding global markets with cheap exports. The statement, which called such practices unsustainable, was supported by all other G20 members and outlined plans for action in coming days or months to address the issue. Bessent emphasized that China holds the world's largest current account surplus and described its stance as a significant obstacle to consensus among finance ministers meeting in Asheville, North Carolina. He also addressed U.S.-China relations on Iran policy, noting shared interests but urging Beijing to take action against Tehran’s nuclear ambitions.
Topics: China current account surplus G20 trade policy U.S. Treasury