United States Treasury Secretary Scott Bessent said he plans to ask Group of 20 members to review their terms of trade with China , Reuters reported, underscoring lingering tensions before the leaders of the world’s two biggest economies meet next month .
“The world cannot have a China with a US$1.2 trillion trade surplus,” Bessent told the news agency Sunday. “The rest of the world is going to have to examine their terms of trade with China.”
Chinese policymakers are trying to “ export their way ” out of a growth slowdown and other countries need to press them to strengthen domestic demand instead of relying on foreign shipments, he added before G20 finance officials gather in Asheville, North Carolina, on Monday.
The comments come as Washington and Beijing prepare for a summit between President Donald Trump and his Chinese counterpart Xi Jinping. The two sides are maintaining a fragile tariff truce that’s set to expire in November unless extended.
Bloomberg News reported last week that the U.S. is poised to impose a 7.5 per cent tariff on Chinese goods over allegations of excess manufacturing capacity before the sitdown in Washington.
That would restore Trump’s second-term duties on China to around 20 per cent, a level Beijing has said is consistent with the truce.
The G20 meeting comes while the war in Iran disrupts global energy markets and just after a bruising trade fight between the U.S. and Canada . German Finance Minister Lars Klingbeil said he plans to advocate for ending economically damaging conflicts during the talks.
Chinese Foreign Ministry spokesman Guo Jiakun said on Monday that any differences with the US should be resolved through dialogue.
“ China-U.S. economic and trade ties are mutually beneficial in nature,” Guo said at a regular briefing in Beijing. “China never seeks a trade surplus and opposes unilateral tariff measures in all forms.”
—With assistance from Philip Glamann.