Bessent Says China Was Sole G20 Dissenter on Joint Statement on Cheap Exports

According to CNBC, Treasury Secretary Scott Bessent said China was the only Group of 20 member to dissent from a joint statement that said non-market-based economies pushing out a never-ending stream of cheap exports is not sustainable. He said the countries will take action in the coming days, weeks or months to reach a resolution on what he called an unsustainable equilibrium, and confirmed that China, which he described as having the world's largest and unsustainable current account surplus, was the sole dissenter from his chairman's statement. Bessent said he had hoped to announce a unanimous joint communiqué and added that the agreement from the other 19 members showed the scale of the problem. He also said China and the U.S. have more in common than differences on Iran, adding that China agrees Iran cannot have a nuclear weapon and that free maritime trade in the Strait of Hormuz must continue.