US Treasury Secretary Urges G20 to Impose Trade Barriers on China
· World · The Hindu, Reuters
U.S. Treasury Secretary Scott Bessent announced plans to encourage G20 members to re-examine trade terms with China to address global economic imbalances. Speaking in Asheville, North Carolina, ahead of a finance leaders meeting, Bessent stated that China's current export volume is unsustainable and urged Beijing to shift its focus toward domestic consumption. The U.S. is seeking a joint G20 statement to address these trade and current account disparities. While the U.S. has already implemented high tariffs and import bans on several Chinese goods, Bessent noted that these policies have led to an influx of Chinese products into European and Latin American markets. The Chinese embassy in Washington has not yet provided a response to these proposed measures.
Why it matters
The proposal signals a potential shift toward a coordinated global trade strategy against China, which could significantly alter import costs and supply chain structures for major industrial economies. If adopted, these measures would force global markets to adjust to restricted access to Chinese goods, impacting international trade flows.
Read the original report — The Hindu
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