19 G20 Ministers Target Cheap Exports; China Dissents

The Trump administration, echoing many economists, blames China for trade imbalances that have left Beijing with a large surplus and the U.S. with a sizable deficit. Bessent has said China's trade surplus, a record $1.2 trillion in 2025, is a barrier to global growth, along with what he calls excessive regulation.

The administration's tariff policy has drawn criticism from economists and politicians for raising costs on American consumers and for hitting allies. The Tax Foundation, an independent think tank, found tariffs imposed through 2025 raised the overall retail price of imported consumer goods by roughly 7% relative to pre-tariff trends.

The meeting was also shadowed by the presence of Russian Finance Minister Anton Siluanov, who met Bessent on Monday but was left out of the traditional "family photo." Canadian Finance Minister François-Philippe Champagne said Russia's attendance "created a lot of discomfort around the table, not only from Canada, but from colleagues around the table." European economy commissioner Valdis Dombrovskis said it is not the time to "normalize" relations with Russia.

Bessent defended including Siluanov: "if the sides don't talk, if we are not engaged, then how can it be solved?" He added, "I know that some Europeans had a sour taste, but ... if both fighters go in a corner, then there will never be a resolution to this horrible conflict."