G20 Finance Chiefs Demand Safe Passage Through Strait of Hormuz as China Blocks Trade Deal
A push by the world's largest economies to secure safe shipping routes through a critical oil artery has hit a wall, with China refusing to back a separate trade agreement.
Finance ministers from the Group of 20 (G20) nations issued a joint call for free and safe navigation through the Strait of Hormuz, a vital waterway through which a significant portion of global crude oil passes [233038]. The demand came despite China's objection to the specific clause during talks hosted by the United States [233038].
The security statement was overshadowed by a separate dispute over global trade. U.S. Treasury Secretary Scott Bessent said China refused to support a G20 statement criticizing the flood of low-cost exports into global markets [233060]. The proposed language aimed to address concerns that state-subsidized goods, often sold below market price, are hurting local industries in other countries [233060]. China, a major exporter, stood against that wording, and the final joint statement was adopted without Beijing's backing [233060].
Bessent's comments came after a meeting of finance leaders from the world's largest economies, where he is also leading the Trump administration's effort to cut off Iran's economy by threatening sanctions against its business partners [233060]. The goal, he said, is to reduce Iran's oil revenue and limit its regional influence [233060].
The G20 talks ended without a unified position on export pricing, but the United States and its allies are expected to push for stricter trade rules in upcoming meetings [233060]. China has not yet issued a formal response to Bessent's statement [233060].