19 Finance Ministers Reach Consensus on Cheap Exports as China Dissents
Treasury Secretary Scott Bessent said Tuesday that 19 of the G20’s member nations had agreed to address the flow of cheap exports contributing to global economic imbalances, with China standing as the lone dissenter.
Bessent made the comments at the close of a two-day meeting with finance ministers and central bankers, where he focused discussions on growth and urged several G20 counterparts to consider using tariffs and other measures to address trade imbalances, similar to the approach taken by the Trump administration. “We believe that non-market-based economies pushing out a never-ending stream of cheap exports is not sustainable,” Bessent told reporters, describing the position shared by all but one G20 member. “It is clear that the country with the world’s largest and unsustainable current account surplus, the People’s Republic of China, was the dissenter,” he added.
The Trump administration has consistently pointed to China as a key driver of global trade imbalances, citing its large trade surplus alongside the sizable US deficit. At Tuesday’s closing press conference, Bessent also previewed the upcoming meeting between President Donald Trump and Chinese President Xi Jinping, recalling that he had warned other nations early in Trump’s second term that new US tariffs would push Chinese goods into their markets instead. “And unfortunately, I was right,” Bessent said, adding that other countries may need to reconsider how to protect their own jobs and manufacturing bases from similar pressures.
Bessent also addressed artificial intelligence policy, saying Trump and Xi are expected to discuss the topic when they meet later this month, with a focus on establishing stronger guardrails to prevent non-state actors from developing their own models. He said he had directly told industry leaders — including data center builders and research labs — that they have done a poor job explaining their work to the American public, adding that these companies will need to help convince people that the benefits of the technology won’t be concentrated among a small group.
Following the press conference, Trump posted on social media that the G20 discussions had been productive and positive, adding that other countries should follow the US lead on trade policy.
The Trump administration’s tariff policies have faced criticism from economists and politicians over rising costs for American consumers and strained relationships with allies. According to the Tax Foundation, an independent think tank, tariffs imposed throughout 2025 raised the overall retail price of imported consumer goods by roughly 7 percent relative to pre-tariff trends. In February, the US Supreme Court ruled that the broad global tariffs Trump had imposed under emergency powers legislation were unconstitutional, prompting the administration to revise its approach. Officials are now considering an additional 7.5 percent tariff on Chinese imports following an investigation into alleged excess industrial capacity and forced-labor practices.
On the topic of Iran, Bessent said his meeting with Chinese counterparts revealed some shared ground, particularly agreement that Iran should not possess a nuclear weapon and that oil and other goods should be able to move freely through the Strait of Hormuz, which Iran has restricted. Bessent has previously described China’s trade surplus — which hit a record $1.2 trillion in 2025 — along with what he calls excessive regulation, as barriers to global economic growth.
Global debt has climbed to a record $353 trillion, with US debt reaching $40 trillion in August. While markets have expressed concern over a potential sell-off in US government bonds, Bessent told reporters he doesn’t believe the situation is dire.
Meanwhile, the presence of Russian Finance Minister Anton Siluanov continued to draw attention at the summit. Siluanov met with Bessent on Monday on the sidelines of the meeting but was excluded from the traditional group photo of ministers. Canadian Finance Minister François-Philippe Champagne said Russia’s attendance created noticeable discomfort among attendees, including Canada and other delegations, adding that this concern had been communicated to fellow participants. European Commissioner for the Economy Valdis Dombrovskis said during a separate press conference that now is not the time to normalize relations with Russia.
Bessent defended Siluanov’s inclusion, arguing that dialogue remains essential to resolving the conflict. “If the sides don’t talk, if we are not engaged, then how can it be solved?” he said, acknowledging that some European officials were unhappy with the decision but maintaining that continued engagement is necessary to eventually reach a resolution.
Also Read:
Libya Charts New Political Future With Two-Year Election Roadmap
UAE Gets Its First AI Laptop That Works Without an Internet Connection
