business π US wants G20 to curb China's trade surplus
US Treasury Secretary Scott Bessent called on G20 members to rethink trade terms with China to reduce global imbalances. He asserted that the world cannot handle China's $1.2 trillion trade surplus, urging Beijing to shift from exports to domestic demand. This push comes as the US rebuilds its tariff policy following legal setbacks. Bessent stressed that other economies must incentivize China to boost its weak domestic demand. Future talks before the late September summit will focus on tariff cuts for non-strategic goods. π