US Treasury Secretary Bessent Says China Prevented G20 Communique Over Trade Surplus Spat
| Pair | Now | Since publish |
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| USDCNY | — | — |
- US Bessent says China blocked G20 communique over $1.2T surplus.
- China alone dissents from G20 statement on ‘cheap exports’.
- US presses G20 for multilateral action against China’s trade.
US Treasury Secretary Scott Bessent addressed G20 finance ministers and central bankers in Asheville, North Carolina, on Tuesday, September 1, 2026, urging members to confront China’s trade practices. Bessent highlighted China’s $1.2 trillion trade surplus and its “cheap exports” as unsustainable, advocating for multilateral pressure rather than solely bilateral tariffs. Notably, China was the only G20 member to dissent from a joint statement opposing “non-market based economies pushing out a never-ending stream of cheap exports.” Bessent indicated that actions to resolve this “unsustainable equilibrium” could materialize in the “days, weeks or months.” Despite these tensions, the Secretary confirmed ongoing tariff reductions on $30 billion of non-strategic goods between the two nations, signaling a narrower de-escalation. Potential coordinated trade barriers could unsettle currencies and equities across export-heavy Asian economies.
US Treasury Secretary Scott Bessent stated that China prevented the Group of 20 (G20) from issuing a joint communique following a gathering of finance and central bank chiefs this week. Bessent attributed this prevention to a dispute over China’s large trade surplus.