US Raises Concerns Over China’s Trade Surplus at G20

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US Raises Concerns Over China's Trade Surplus at G20

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During the G20 Finance Ministers’ meeting in Asheville, North Carolina, US Treasury Secretary Scott Bessent voiced significant concerns regarding China’s “excessive imbalances” and global trade surplus. This discussion comes just weeks before a crucial bilateral summit between US President Donald Trump and Chinese President Xi Jinping.

Bessent emphasized that a sustainable global economy cannot rely on policies that prioritize one country’s exports to the detriment of others, referring to such actions as “beggar-thy-neighbor acts that stifle fair market-based competition.” The US has consistently highlighted trade imbalances at the G20 ministerial meetings, citing decades of complaints about Beijing’s substantial trade surpluses. The surge in Chinese exports of products like automobiles, solar panels, and batteries has led to concerns in many countries about what is perceived as China’s “overcapacity.”

China, however, has refuted these allegations, with its foreign ministry spokesman, Guo Jiakun, stating on August 31, 2026, that China does not deliberately pursue a trade surplus and opposes all forms of unilateral tariff measures. Guo also asserted that economic and trade ties between China and the US are mutually beneficial.

Despite China’s dissent, Bessent reported on September 2, 2026, that 19 of the G20 members concurred on the necessity to address the issue of “cheap exports” contributing to global economic imbalances. He specifically identified China as the dissenter, noting its record trade surplus of $1.2 trillion in 2025. The US Treasury also released a chair’s statement calling on countries with excessive surpluses to eliminate policies that over-rely on exports for growth. The US itself recorded a trade deficit of approximately $200 billion with China in 2025. The upcoming meeting between President Trump and President Xi Jinping is expected to include discussions on trade imbalances and artificial intelligence policy.

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