Shafaqna English– U.S. Treasury Secretary Scott Bessent announced he will urge G20 members to reconsider their trade terms with China in order to reduce global imbalances and push Beijing to shift from export-led growth toward domestic consumption.
He argued that China’s $1.2 trillion trade surplus is unsustainable, especially as its economy weakens and it tries to export its way out of trouble. While U.S. tariffs have cut the bilateral deficit with China by a third, Chinese goods have increasingly flooded Europe and Latin America.
Bessent dismissed currency revaluation—like a new “Plaza Accord”—as a distraction, insisting the real issue is China’s industrial subsidies and weak internal demand. He stressed that other nations must offer China incentives to rebalance, and that the U.S. will push for a G20 joint statement on reducing trade and current account imbalances.
Source: Reuters