The Trump administration tells G20 countries at a meeting of finance chiefs that they should take steps to reduce trade imbalances, arguing Chinese import-linked distortions harm domestic industries and jobs. U.S. Treasury Secretary Scott Bessent says the issue is pulling down global growth and urges other members to “protect” citizens’ employment interests.
The two-day gathering in Asheville, North Carolina, takes place amid market concerns, including a global bond selloff linked to worries about rising debt and inflation pressures. According to reports, there are differences in tone between the U.S. hosts and some European participants. The U.S. also faces parallel discussions during the event, including a separate session involving industry and commerce ministers on topics that include AI regulation, where Washington emphasizes a hands-off approach.
The outlets’ accounts converge on the focus on China in the finance ministers’ discussions and on Bessent’s warning that increased U.S. tariffs could divert Chinese goods to other markets. Both reports describe his argument that this diversion is occurring and that other countries need to reassess how they respond to the resulting trade pressures.
