Treasury Secretary Scott Bessent has called upon G20 nations to reassess their trade deals with China, aiming to alleviate global imbalances.
Bessent made these comments on Sunday, before a G20 finance leaders’ meeting on Monday. He underscored the necessity for Beijing to transition its economy from export-focused to domestic consumption, Reuters reported.
“The rest of the world is going to have to examine their terms of trade with China,” he said.
Despite the “rapidly improving” direct trade position between the U.S. and China, Bessent pointed out the unsustainable nature of China’s current export boom. He declared, “The world cannot have a China with a $1.2 trillion trade surplus.”
The appeal for a unified trade response from the Treasury Secretary comes as the U.S. grapples with legal setbacks that are compelling it to revamp its tariff policy. This policy had significantly reduced imports from China, but it led to an increase in Chinese imports in other regions, notably Europe and Latin America.
