During a press conference, Treasury Secretary Scott Bessent revealed that China was the only member of the G20 to disagree with a joint statement criticizing 'non-market based economies' for their unsustainable export practices.
Bessent emphasized the significance of the agreement reached by the other 19 countries, noting China's substantial current account surplus as a key factor in the discussions.
This dissent comes amid heightened scrutiny of China's role in global trade, especially as the U.S. implements 'Operation Economic Outcast' aimed at Iran, which raises questions about potential repercussions for China, Iran's largest trading partner.
Bessent acknowledged shared interests between the U.S. and China regarding Iran, particularly concerning nuclear weapons and maritime trade in the Strait of Hormuz, suggesting that China has a responsibility to contribute to a resolution.
The dynamics of these discussions are critical as they could influence future trade relations and economic policies between the U.S. and China, especially with a planned visit from Chinese President Xi Jinping to the U.S. later in September