US Calls on G20 to Reassess Trade with China

US Treasury Secretary Scott Bessent announced plans to urge G20 members to reconsider trade terms with China to reduce global imbalances and stimulate domestic consumption in China. Bessent noted that the current flow of Chinese exports is unsustainable for the global economy, which cannot absorb China's trade surplus of $1.2 trillion. Washington's strict tariff policy has reduced the US trade deficit with China by a third to $73.9 billion in the first six months of 2026, leading to a redirection of Chinese imports to Europe and Latin America. The US insists on a joint G20 statement to reduce the trade imbalance. Washington criticizes ideas for artificially strengthening the yuan, viewing them as attempts to sidestep issues such as excessive subsidies and weak domestic demand. The negotiations among financial leaders are taking place ahead of the summit between Trump and Xi Jinping. Discussions include possibilities for mutual tariff reductions on non-strategic goods worth about $30 billion from each side and barriers in the field of artificial intelligence. The US is also reviewing legal mechanisms and preparing new tariffs on Chinese goods due to excess production capacity.

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