World Economy

China Blocks G20 Statement Over Trade Surplus Tensions

Treasury Secretary Scott Bessent said China prevented the Group of 20 from releasing a joint communique following this week's gathering of finance ministers and central bank governors, citing disagreements over Beijing's substantial trade surplus. The impasse underscores mounting friction over trade imbalances among major economies. Separately, Bessent signaled support for interest rate increases by the Bank of Japan following discussions with Governor Kazuo Ueda, arguing higher rates would strengthen the yen. Germany announced plans to introduce a package of countermeasures within weeks targeting what officials characterize as unfair Chinese trade practices, Finance Minister Lars Klingbeil said. The concerns reflect growing unease among developed nations over trade dynamics with China.