G20 backs final statement despite Russia tensions, China dissent
The 19-member backing underscores U.S. pressure to curb export-led growth and speed sovereign debt restructurings, while China objects to the language.
- G20 finance ministers and central bank governors concluded two days of talks in Asheville, North Carolina, issuing a chair's statement after failing to reach a unanimous joint communiqué.
- China emerged as the sole dissenter regarding language aimed at curbing non-market policies, non-tariff trade distortions, and excessive export surpluses.
- U.S. Treasury Secretary Scott Bessent stated that 19 G20 members agreed persistent streams of cheap exports from non-market economies create an unsustainable global economic equilibrium.
- Tensions surfaced over the participation of Russian Finance Minister Anton Siluanov, marking his first appearance at a G20 finance gathering since 2022 and drawing sharp criticism from Western allies.
- Despite the friction, attendees achieved consensus on peripheral geopolitical concerns, with U.S. officials noting shared ground with Beijing on preserving maritime transit through the Strait of Hormuz and preventing Iranian nuclear escalation.
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95 Articles
The G20 finance ministers agreed at their meeting in the US, with the exception of China, to take action against excessive trade surpluses.
(Washington/Beijing=Yonhap News) Correspondent Jeong Seong-jo Baek Na-ri = On the 1st (local time), the finance ministers of 20 major countries (G20) aimed at China's trade surplus and industrial policy...
The US official said he encouraged some of his G20 counterparts to follow the example of President Donald Trump's administration, resorting to customs tariffs and other measures to combat trade imbalances.
Watch Scott Bessent Says China Stopped Unanimous G20 Communique Over Trade Surplus Dispute
Treasury Secretary Scott Bessent said China prevented the Group of 20 from issuing a joint communique after a gathering of finance and central bank chiefs this week due to a dispute over its giant trade surplus. Bloomberg's Jill Disis has the details.
‘19 G20 nations agree’: US Treasury Chief Bessent slams Chinese export surplus
US Treasury Secretary Scott Bessent has slammed China’s export-driven economic model, saying 19 of the 20 G20 members agreed that a continued stream of “cheap exports” and trade distortions is unsustainable. China was the lone dissenter as G20 finance chiefs backed calls to address global trade imbalances.#scottbessent, #bessent, #g20, #g20summit, #china, #chineseexports, #tradewar, #ustrade, #globaltrade, #tradeimbalance, #uschina, #donaldtrump…
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