US targets China’s global trade surplus at G20 meeting ahead of Xi-Trump summit
US Treasury Secretary Scott Bessent raises concerns over China’s ‘excessive imbalances’ just weeks before crucial bilateral meeting
“We have seen how distorted policies that privileged countries’ own exports have harmed many of the economies represented here today,” he said, adding that a “durable global economy cannot rest on beggar-thy-neighbour acts that stifle fair market-based competition.”
Washington has made trade imbalances a key theme of the G20 ministerial – part of decades-long complaints about Beijing’s high trade surpluses – as a surge in Chinese exports of major products such as automobiles, solar panels and batteries has raised concerns in many countries over Beijing’s alleged “overcapacity”.
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