China dissents as G20 finance ministers fail to agree on statement addressing cheap exports

The G20 finance ministers meeting in Asheville, North Carolina, ended without a joint communiqué after China dissented from a statement backed by the other 19 members. Treasury Secretary Scott Bessent reported that China rejected language labeling its massive stream of cheap exports as unsustainable. The U.S. instead issued a chair's statement highlighting China's objections to provisions on trade imbalances, debt restructuring, and maritime security in the Strait of Hormuz. The rift underscores ongoing tensions ahead of a planned late-September meeting between Donald Trump and Xi Jinping.

G20 finance ministers meeting

• ▪The G20 finance ministers and central bankers failed to agree on a joint statement during their two-day meeting in Asheville, North Carolina, which concluded on September 1, 2026.
• ▪The presence of Russian Finance Minister Anton Siluanov at the G20 meeting in Asheville caused discomfort among attendees, including Canadian Finance Minister François-Philippe Champagne and European Commissioner Valdis Dombrovskis.
• ▪In the absence of a unanimous joint communiqué, the U.S. Treasury Department released a chair's statement outlining the areas of agreement from the G20 meeting.

China dissent on exports

• ▪U.S. Treasury Secretary Scott Bessent stated that G20 members other than China will take action in the coming days, weeks, or months to address the global trade imbalances.
• ▪China was the lone dissenter among the G20 members, with the other 19 finance ministers agreeing that streams of cheap exports from non-market-based economies are unsustainable.
• ▪According to the U.S. Treasury Department, China objected to G20 statement provisions addressing global imbalances, reliance on exports for growth, sovereign debt restructuring, and shipping disruptions in the Strait of Hormuz.

US tariff strategy

• ▪The U.S. Supreme Court decided in February 2026 that sweeping global tariffs imposed by President Donald Trump under an emergency powers law were unconstitutional.
• ▪A study by the Tax Foundation found that tariffs imposed by the Trump administration throughout 2025 raised the overall retail price of imported consumer goods by approximately 7% relative to pre-tariff trends.
• ▪The Trump administration is considering an additional 7.5% tariff on Chinese imports following investigations into excess industrial capacity and forced-labor regulations.
• ▪U.S. Treasury Secretary Scott Bessent urged G20 counterparts to adopt the Trump administration's strategy of using tariffs to address global trade imbalances.

Chinese trade surplus

• ▪The Trump administration has blamed China's export policies for trade imbalances that have resulted in a large Chinese trade surplus and a sizable U.S. trade deficit.
• ▪U.S. Treasury Secretary Scott Bessent stated that China's trade surplus, which reached a record-high $1.2 trillion in 2025, acts as a barrier to global economic growth.

Trump-Xi meeting preview

• ▪U.S. Treasury Secretary Scott Bessent stated that the United States and China share common ground on Iran, agreeing that Iran cannot possess a nuclear weapon and must allow free maritime trade in the Strait of Hormuz.
• ▪U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to meet in late September 2026 to discuss trade, artificial intelligence policy, and guardrails for model development.

6 sources