Bessent Says China Stopped Unanimous G20 Communique

• China's record $1.2 trillion trade surplus was a key point of contention at the G20.
• The G20 Chair's Statement called for countries with excessive external surpluses to remove distortions that constrain domestic consumption and lead to overreliance on exports.
• Despite the G20 disagreement, a meeting between Xi Jinping and Donald Trump is still expected in Washington in September.

US Treasury Secretary Scott Bessent stated that China was the sole dissenter at the G20, preventing a joint communique due to its large and 'unsustainable' trade surplus and opposition to language on 'non-market policies'. This highlights persistent trade tensions between the world's two largest economies, despite an anticipated meeting between Xi Jinping and Donald Trump.