China blocks G20 joint statement - Bessent
Photo: Scott Bessent (Getty Images)
US Treasury Secretary Scott Bessent stated that China prevented the G20 from releasing a joint communiqué following the meeting due to a dispute over its massive trade surplus, according to Bloomberg and Reuters.
"The country with the world’s largest and unsustainable current account surplus, the People’s Republic of China, was the dissenter. Non-market based economies pushing out a never-ending spring of cheap exports is not sustainable," Bessent said at a press conference during the G20 summit in Asheville.
At the same time, he added that the remaining 19 G20 countries supported the chair's statement, which appeared in the public domain shortly thereafter.
The statement indicated that China expressed particular disagreement with provisions concerning the free passage of vessels through the Strait of Hormuz, the creation of a task force to further study and mitigate trade imbalances, as well as the IMF's authority to monitor trade imbalances and provisions related to debt restructuring.
What else is important to know
Days ago, Bloomberg reported that Iran's partner countries are massively ignoring US threats regarding new harsh sanctions.
In particular, it was noted that Washington's attempt to stage an economic offensive proved largely ineffective due to China's position and the unwillingness of allies to sever trade ties.
