China Refuses to Sign G20 Deal Curbing ‘Cheap Exports,’ Says US Treasury Chief

U.S. Treasury Secretary Scott Bessent said China has refused to support a Group of 20 statement that criticized the flood of low-cost exports into global markets. He made the remarks while leading the Trump administration’s effort to cut off Iran’s economy by threatening sanctions against its business partners. Bessent’s comments came after a meeting of finance leaders from the world’s largest economies. The proposed G20 language aimed to address concerns that state-subsidized goods, often sold below market price, are hurting local industries in other countries. China, a major exporter, stood against that wording. The dispute highlights growing friction between Washington and Beijing over trade policy. Bessent did not say whether China offered its own alternative text, but confirmed that the final joint statement was adopted without Beijing’s backing. Separately, Bessent is overseeing a new U.S. strategy to pressure Iran. That plan involves secondary sanctions—penalties on foreign companies and governments that do business with Tehran. The goal, he said, is to reduce Iran’s oil revenue and limit its regional influence. 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. China has not yet issued a formal response to Bessent’s statement.