Business & Finance
Treasury Secretary Bessent urges G20 nations to adopt tariffs against Chinese imports
At the G20 finance summit, the U.S. treasury secretary argued other countries must shield their domestic manufacturing as diverted Chinese goods enter their markets.
The short version
- U.S. Treasury Secretary Scott Bessent called on G20 partner nations to impose tariffs to protect their industries from redirected Chinese goods.
- Bessent contended that previous U.S. tariffs pushed China's $1.2 trillion trade surplus into other international markets.
- The remarks follow a February Supreme Court ruling that struck down earlier sweeping emergency tariffs, leading the Trump administration to consider a new 7.5% levy on Chinese imports.
Key facts
- Treasury Secretary Scott Bessent urged G20 counterparts at meetings in Asheville, North Carolina, to implement tariffs and other trade measures to safeguard their manufacturing sectors.[Associated Press · ABC News]
- The U.S. Supreme Court ruled in February that broad global tariffs enacted under emergency powers by President Donald Trump were unconstitutional.[Associated Press · ABC News]
- The Trump administration is considering an additional 7.5% tariff on Chinese products following investigations into forced-labor rules and industrial overcapacity.[Associated Press · ABC News]
- According to the Tax Foundation, tariffs applied throughout 2025 increased overall retail prices on imported consumer goods by around 7% compared to earlier baseline trends.[Associated Press · ABC News]
- Russian Finance Minister Anton Siluanov attended the summit and met with Bessent, but was excluded from the official group photograph following objections from officials such as Canadian Finance Minister François-Philippe Champagne.[Associated Press]
What remains uncertain
- Details and outcomes of Bessent's bilateral discussions with Chinese representatives at the G20 meeting were not disclosed.[Associated Press · ABC News]
- It remains unconfirmed whether other G20 members will implement trade barriers in response to Bessent's recommendation.[Associated Press · ABC News]