US presses G20 to curb trade imbalances and Chinese import pressure
US Treasury Secretary Scott Bessent has urged fellow G20 finance chiefs to take stronger steps to protect their economies from Chinese imports. His remarks came during a two-day meeting in Asheville, North Carolina, where officials were also discussing wider concerns about debt and inflation. The comments placed trade imbalances and industrial policy at the centre of the gathering.
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Bessent said he had warned trading partners last year that higher US tariffs could push more Chinese goods into other markets. He told the meeting that some economies now needed to take a harder look at how to protect jobs and domestic industries. In comments to reporters, he said that "non-market economies" with large imbalances were drawing growth away from the rest of the world.
The US position reflects a broader push by the Trump administration to use tariffs and other measures against what it sees as unfair trade distortions. China's export growth has remained strong despite weak domestic demand, with electric vehicles, semiconductors and other goods among the products being shipped abroad in larger volumes. The issue has become more sensitive as countries in Europe and elsewhere weigh whether to impose tougher curbs on Chinese imports.
The meeting in Asheville is taking place against a fragile financial backdrop. A global bond-market selloff has added to worries about rising debt levels and inflation pressures, giving the finance chiefs' talks added urgency. The debate over trade imbalances is also linked to concerns that tariff policies can raise costs for consumers while shifting pressure onto allies and other trading partners.
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European officials have acknowledged that China is a major source of global economic imbalance, but have also said the United States and Europe share responsibility for addressing the problem. That leaves the G20 facing a familiar challenge: how to respond to Chinese export strength without worsening tensions among major economies. The discussion also highlights the wider split between countries that favour stronger trade defences and those warning about the cost of protectionism.
What remains unclear is whether the G20 meeting will produce any common language on Chinese imports or trade imbalances. It is also not yet clear how far individual countries are prepared to go in tightening their own trade barriers. The next focus will be whether finance ministers translate the debate into coordinated policy, or whether differences over tariffs and industrial protection remain unresolved.
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