U.S. Takes Aim at China’s Trade Policies at G20 Meeting: “Non-Market Practices Must Be Eliminated”

[Financial News] A chair’s statement implicitly criticizing China’s trade policies was issued at the Group of Twenty (G20) finance ministers’ meeting held in the United States. China was the only country not to adopt the statement.
According to the British Financial Times (FT) and other foreign media outlets, the G20 finance ministers’ meeting was held on the 1st (local time) in Asheville, North Carolina. The United States, which is chairing this year’s G20 meetings, issued a chair’s statement that day, saying, "Countries with excessive trade surpluses should eliminate distortions that make their growth overly dependent on exports and avoid unnecessary export restrictions." The statement also said, "We agreed that countries should take steps to eliminate non-market policies and practices that exacerbate imbalances."
Although the United States did not mention China directly, it effectively prepared the statement with China in mind. Western countries, including the United States and Europe, have accused Chinese companies suffering from weak domestic demand of flooding global markets with products made through overproduction fueled by unfair government subsidies. The United States and others have argued that the influx of Chinese products is undermining the trade competitiveness of their own goods. In addition, China has been pressuring the U.S. economy since last year by blocking exports of Chinese rare earths and critical minerals to the United States.
Nineteen countries, excluding China, supported the chair’s statement. Because adoption of a joint statement requires the consent of all G20 members, the statement appears to have been issued in the form of a chair’s statement.
U.S. Treasury Secretary Scott Bessent emphasized that it was remarkable that 19 countries supported the statement, saying this showed how serious the issue was. He said, "Countries other than the United States also need to take a serious look at what they must do to protect jobs and their manufacturing bases."
[email protected] Reporter Park Jong-won Reporter