China dissented from G20 statement opposing 'cheap exports' flooding market, Bessent says
Bessent is leading the Trump administration's plan to choke off Iran's economy by threatening its business partners with secondary sanctions.
TL;DR
- China was the only G20 member to dissent from a joint statement opposing non-market economies that export cheap goods excessively.
- The dissent included objections to language about eliminating non-market policies that exacerbate imbalances and constrain domestic consumption.
- China also objected to paragraphs concerning shipping disruptions in the Strait of Hormuz and the IMF's surveillance of global imbalances.
- Treasury Secretary Scott Bessent expressed disappointment but noted the agreement of the other 19 members signifies the magnitude of the issue.
- The remarks coincide with the Trump administration's efforts to sanction Iran's business partners, raising questions about potential actions against China, Iran's top trading partner.