U.S. Treasury Secretary Scott Bessent said 19 of the 20 G20 members agreed to address streams of cheap exports causing global economic imbalances, with China as the sole dissenter. The Trump administration has blamed China for trade imbalances that allowed it to post a record surplus of $1.2 trillion in 2025. The U.S. government is eyeing an additional 7.5% tariff on Chinese imports after investigating alleged excess industrial capacity. The two countries did find common ground on Iran, agreeing that it cannot have a nuclear weapon and that oil flows must remain free through the Strait of Hormuz. The U.S. Supreme Court struck down Trump’s sweeping global tariffs imposed under emergency powers law in February.
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