ASHEVILLE, N.C. (AP) — Treasury Secretary Scott Bessent stated on September 1, 2026, that 19 members of the G20 have agreed to address issues related to "cheap exports" that contribute to global economic imbalances, although China expressed dissent. Bessent emphasized the significance of achieving consensus among 19 countries, calling it "incredible" and indicative of the magnitude of the issue.
During the two-day meeting in Asheville, N.C., Bessent urged G20 counterparts to consider utilizing tariffs and other measures, similar to those implemented during the Trump administration, to tackle trade imbalances. He identified China as a major source of the "cheap exports" that have been criticized, linking it to the trade imbalance where the U.S. has a significant deficit.
Bessent also previewed an upcoming meeting between President Donald Trump and China's President Xi Jinping, highlighting concerns about the influx of Chinese goods into global markets due to the U.S. "tariff wall." He remarked, "The rest of the world probably needs to take a hard look at what they should be doing to protect their citizens' jobs, their manufacturing base, so that everything they do doesn't get offshored."
Critics, including economists and politicians, have raised concerns about the Trump administration's tariff policies, which they argue have increased costs for U.S. consumers and negatively impacted allies. The Tax Foundation reported that tariffs imposed by the Trump administration raised the overall retail price of imported consumer goods by approximately 7% compared to pre-tariff trends.
In February, the U.S. Supreme Court ruled that the global tariffs imposed by Trump under emergency powers were unconstitutional. The administration is now considering an additional 7.5% tariff on Chinese imports following investigations into alleged excess industrial capacity and forced labor regulations in China.
Bessent met with Chinese counterparts during the summit and noted some agreement on issues regarding Iran, particularly that Iran should not possess nuclear weapons and that oil and other goods should transit freely through the Strait of Hormuz. He also mentioned that Trump and Xi would discuss AI policy in their upcoming meeting, emphasizing the need for guardrails to prevent non-state actors from developing their own models.
Bessent pointed out that China's trade surplus reached a record-high of $1.2 trillion in 2025, which he views as an obstacle to global economic growth, along with excessive regulation. Global debt has surged to a record $353 trillion, with U.S. debt reaching $40 trillion in August. Despite market concerns about a potential sell-off in U.S. government bonds, Bessent stated, "I don't think we're in any kind of dire situation" regarding bond markets.
The presence of Russian Finance Minister Anton Siluanov at the conference has caused discomfort among attendees. Canadian Finance Minister François-Philippe Champagne noted that Russia's participation created unease among delegates.
Bessent defended Siluanov's inclusion, arguing that dialogue is essential for conflict resolution. He acknowledged that some European counterparts were dissatisfied but stressed the importance of engagement to address ongoing conflicts.