Bessent urges G20 to address China trade surplus

U.S. Treasury Secretary Scott Bessent is urging G20 finance ministers to collectively address China's massive trade surplus, arguing that coordinated action among major economies is necessary to correct global imbalances. Speaking ahead of the G20 finance leaders' meeting in Asheville, North Carolina, Bessent said the world cannot sustain a China with a $1.2 trillion trade surplus and called on member nations to reexamine their terms of trade with Beijing.

The meetings, scheduled for August 31 and September 1, 2026, provide the backdrop for Bessent's push for multilateral coordination. He contends that unilateral U.S. tariffs have merely redirected Chinese exports to other markets rather than solving the underlying problem. "The rest of the world is going to have to examine their terms of trade with China," Bessent said, emphasizing that other countries must provide Beijing with incentives to rebalance its economy away from exports and toward domestic consumption.

The urgency of Bessent's appeal is underscored by recent trade data. China's goods trade surplus reached a record $1.189 trillion in 2025, and Chinese exports surged 23.9% year-over-year in July 2026, hitting $397.85...