US Treasury Secretary Scott Bessent is urging G20 members to collectively address China’s record trade surplus, which neared $1.2 trillion in 2025. Chinese exports surged 23.9% year-on-year in July 2026, deepening the global trade imbalance while domestic consumption in China remains sluggish. The United States has already cut its bilateral trade deficit with China by roughly one-third through tariffs, bringing it down to $73.9 billion in the first half of 2026. The IMF estimates the yuan to be undervalued by approximately 21%, giving Chinese exports an artificial competitive advantage on global markets. The G20 finance ministers meeting in Asheville, North Carolina, scheduled for August 31 to September 1, will serve as the venue for this diplomatic offensive.
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