Global Markets
Home›Global Markets›Trade & Tariffs›US flags concerns about China’s global trade surplus a…
US flags concerns about China’s global trade surplus ahead of Trump-Xi talks
Scott Bessent said G20 surplus and deficit countries have broadly agreed to tackle excessive imbalances before the expected Washington summit between Xi Jinping and Donald Trump.
SCMP Economy reports that US Treasury Secretary Scott Bessent used the G20 Finance Ministers meeting in Asheville, North Carolina, to target what he characterized as China’s global trade surplus and to warn against persistent “excessive imbalances.”
In his opening address, Bessent said a durable global economy cannot rely on “beggar-thy-neighbour” actions that distort competition, and he said finance ministers and central bank governors have broadly concurred that both surplus and deficit countries should address the issue.
Although he did not name China directly, Bessent pointed to long-running complaints tied to Beijing’s high trade surpluses, and he framed the topic as a key theme ahead of the expected bilateral meeting in Washington between Chinese President Xi Jinping and US President Donald Trump.
The report adds that the backdrop includes a surge in Chinese exports of major products such as automobiles, solar panels, and batteries, which has fueled concerns in other countries about alleged overcapacity.