Scott Bessent urges G20 counterparts to address trade imbalances caused by Chinese exports

He noted that non-market economies with large imbalances are currently sucking growth from the rest of the world. Bessent warned that tougher US tariffs have led to an influx of Chinese goods diverted to other markets. He argued that a durable global economy cannot rely on beggar-thy-neighbour acts that stifle fair market-based competition. The administration announced that China's massive export push, particularly in electric vehicles and semiconductors, has pressured economies globally. While China has doubled down on exports to compensate for weak domestic demand, the administration's tariff policies have been criticized for raising costs for US consumers. The Tax Foundation reported that tariffs imposed by the administration throughout 2025 raised the retail price of imported consumer goods by roughly 7 percent relative to pre-tariff trends.