The Steady Drip: G20 Countries Should Consider More Trade Barriers on China, Says Bessent (Connecting the Dots: China, G20, Presidential Task Force on the Auto Industry, The U.S. Department of the Treasury, Scott Bessent & The Carnegie/Soros Network)

G20 Countries Should Consider More Trade Barriers on China, Says Bessent (Connecting the Dots: China, G20, Presidential Task Force on the Auto Industry, The U.S. Department of the Treasury, Scott Bessent & The Carnegie/Soros Network)

‘The world cannot have a China with a $1.2 trillion trade surplus,’ the Treasury secretary said.

The Epoch Times

Owen Evans

8/31/2026|Updated: 8/31/2026

Treasury Secretary Scott Bessent and Federal Reserve Chair Kevin Warsh talk before entering a motorcade upon arrival in Asheville, before finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, on Aug. 30, 2026. Melissa S. Gerrits/Reuters

https://www.theepochtimes.com/us/g20-countries-should-consider-more-trade-barriers-on-china-says-bessent-6081420?ea_src=frontpage&ea_med=section-1

Treasury Secretary Scott Bessent said on Sunday that he will encourage G20 members to reexamine the terms of trade with China.
Bessent said that the current flood of Chinese exports was unsustainable, even though the U.S. direct trade position with China was “rapidly improving.” Bessent was speaking ahead of a G20 finance leaders meeting in Asheville, North Carolina, on Aug. 31 and Sept. 1.

“The world cannot have a China with a $1.2 trillion trade surplus,” he added.

“In China, the economy is quite weak, and they are trying to export their way out of it, and they need to rebalance their economy.”

“The rest of the world ‌is going to have to examine ⁠their terms of trade with China,” Bessent added.

The United States has placed very high tariffs on a wide range of Chinese goods, and near-bans on some products, especially cars.

In June, the Trump administration forced Polestar, a Chinese electric-vehicle maker, to stop selling vehicles in the United States beginning in the 2027 model year, citing the Connected Vehicles Rule, which restricts the import and sale of cars with connected-vehicle technology linked to China.
Most China-origin imports still face extra Section 301 duties. Other high-tariff or restricted categories include solar cells at 50 percent and advanced chips at 25 percent.

In July, the Office of the U.S. Trade Representative imposed a 12.5 percent tariff on Chinese Communist Party (CCP) goods (with some exemptions) due to China’s failure to prohibit imports made with forced labor.

Bessent said he told other industrial economies last year they would face pressures from the China import surge and that “now they are confronted with some very stark choices.”

Bessent said it was unclear whether he would meet with his Chinese counterpart, Chinese Vice Premier He Lifeng, in person ahead of a White House meeting between Trump and Chinese leader Xi Jinping slated for late September.

“I think that there probably are $30 billion of non-strategic, non-critical goods on each side that we could take the tariffs off,” Bessent said.

“Secretary Bessent will want to put Iran front and center and talk about tightening sanctions on Iran, and many countries around the G20 table will want to talk about anything else,” Josh Lipsky, international economics chair at the Atlantic Council, said on Aug. 30.

“They'll want to talk about tariffs.”

Last week, Bessent announced “Operation Economic Outcast” to sever Tehran’s economic lifelines, including imposing consequences on Iran’s trade partners, including China.

Bessent said that any “entity that facilitates money laundering on behalf of Iran will be removed from the U.S. Dollar system.”

He warned that those who stand with the United States will “reap the rewards of our partnership” while those who “tether themselves to the Iranian regime” should expect major economic isolation.

Trump told reporters Aug. 27 he could be sanctioning Chinese banks.

“I don’t have to announce everything,” he said, according to a Fox News stream of the event.

U.S. Ambassador to China David Perdue said in an Aug. 27 post that he met with Chinese Foreign Minister Wang Yi and three other Chinese officials to discuss Xi’s upcoming state visit to Washington.

Washington has targeted Chinese refineries, vessels, brokers, and other intermediaries over Iran-related transactions while stopping short of imposing Iran-related sanctions on China’s major banks.

Asked on Aug. 25 whether China would change its dealings with Iran or act against Chinese entities named by the Treasury, Chinese Foreign Ministry spokesman Lin Jian said China’s cooperation with Iran should not be disrupted and that Beijing would take measures to protect what he called its rights and interests.

Reuters and Arthur Zhang contributed to this report.

Connecting the Dots:

Lawrence H. Summers is a co-founder for the Group of 20 (G20), a director at the ONE Campaign, was the National Economic Council chairman for the Barack Obama administration, a trustee at the Brookings Institution (think tank) and a co-head for the Presidential Task Force on the Auto Industry.

Carnegie Corporation of New York was a funder the Brookings Institution (think tank) and a supporter for the American Society for Muslim Advancement.

Andrew Carnegie was the founder of the Carnegie Corporation of New York

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank) and the International Rescue Committee.

George Soros was the chairman for the Foundation to Promote Open Society.

Harold E. Ford Jr. was an overseer at the International Rescue Committee and a political commentator at MSNBC.

Timothy F. Geithner is an overseer, director for the International Rescue Committee, was a researcher for Kissinger Associates, Inc., a co-founder for the Group of 20 (G20), the secretary for the U.S. Department of the Treasury for the Barack Obama administration and a co-head for the Presidential Task Force on the Auto Industry.

Henry A. Kissinger was the founder of Kissinger Associates, Inc. and an overseer at the International Rescue Committee.

ONE Campaign is a partner with the International Rescue Committee.

Michelle Obama was an advocate for the ONE Campaign and the first lady for the Barack Obama administration.

Michael R. Bloomberg is an advocate for the ONE Campaign and the founder of Bloomberg LP.

Debt AIDS Trade Africa is a merged organization with the ONE Campaign.

Morton H. Halperin was a director at the Debt AIDS Trade Africa, served with the Carnegie Endowment for International Peace (think tank), is a director at the ONE Campaign, a senior adviser for the Soros Open Society Foundations and Newsmax’s Mark Halperin’s father.

Andrew Carnegie was the founder of the Carnegie Endowment for International Peace (think tank) and the founder of the Carnegie Corporation of New York.

Carnegie Corporation of New York was a funder the Carnegie Endowment for International Peace (think tank) and a supporter for the American Society for Muslim Advancement.

Jon M. Huntsman Jr. is a trustee at the Carnegie Endowment for International Peace (think tank) and an ambassador to China for the Barack Obama administration.

J. Stapleton Roy was a U.S. ambassador for China and is a trustee at the Carnegie Endowment for International Peace (think tank).

Open Society Foundations was a funder for the Carnegie Endowment for International Peace (think tank) and the American Civil Liberties Union (ACLU).

George Soros is the founder & chairman for the Open Society Foundations and was the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the Carnegie Endowment for International Peace (think tank) and the International Rescue Committee.

ONE Campaign is a partner with the International Rescue Committee.

Michael R. Bloomberg is an advocate for the ONE Campaign and the founder of Bloomberg LP.

Bloomberg Politics is a division of Bloomberg LP.

Mark Halperin was a contributor, the founding editor for Bloomberg Politics, a host and commentator for Newsmax TV, in 2010, Halperin joined MSNBC, becoming the senior political analyst and is Morton H. Halperin’s son.

Harold E. Ford Jr. was a political commentator at MSNBC and an overseer at the International Rescue Committee.

Henry A. Kissinger was the founder of Kissinger Associates, Inc. and an overseer at the International Rescue Committee.

Timothy F. Geithner was a researcher for Kissinger Associates, Inc., the secretary for the U.S. Department of the Treasury for the Barack Obama administration, a co-head for the Presidential Task Force on the Auto Industry, is an overseer, director for the International Rescue Committee and a co-founder for the Group of 20 (G20).

Foundation to Promote Open Society was a funder for the International Rescue Committee and the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society and is the founder of the Soros Fund Management (SFM).

Scott Bessent was formerly a partner at Soros Fund Management (SFM) and is the serving since 2025 as the 79th U.S. Department of the Treasury.

Carnegie Corporation of New York was a funder the Brookings Institution (think tank) and a supporter for the American Society for Muslim Advancement.

Andrew Carnegie was the founder of the Carnegie Corporation of New York

Lawrence H. Summers was a trustee at the Brookings Institution (think tank), the National Economic Council chairman for the Barack Obama administration, a co-head for the Presidential Task Force on the Auto Industry, is a co-founder for the Group of 20 (G20) and a director at the ONE Campaign.

ONE Campaign is a partner with the International Rescue Committee.

Foundation to Promote Open Society was a funder for the International Rescue Committee.

George Soros was the chairman for the Foundation to Promote Open Society and is the founder & chairman for the Open Society Foundations.

Open Society Foundations was a funder for the Atlantic Council of the United States (think tank).

Carnegie Corporation of New York was a funder the Atlantic Council of the United States (think tank) and a supporter for the American Society for Muslim Advancement.

Andrew Carnegie was the founder of the Carnegie Corporation of New York.

Timothy D. Adams is a director at the Atlantic Council of the United States (think tank) and was an undersecretary for the U.S. Department of the Treasury.

David D. Aufhauser is a director at the Atlantic Council of the United States (think tank) and was a general counsel for the U.S. Department of the Treasury.

James A. Baker III is an honorary director at the Atlantic Council of the United States (think tank) and was a secretary for the U.S. Department of the Treasury.

Kenneth W. Dam was a lifetime director for the Atlantic Council of the United States (think tank) and a deputy secretary for the U.S. Department of the Treasury.

Stuart E. Eizenstat is a director at the Atlantic Council of the United States (think tank) and was a deputy secretary for the U.S. Department of the Treasury.

Robert M. Kimmitt is a director at the Atlantic Council of the United States (think tank) and was a deputy secretary for the U.S. Department of the Treasury.

George P. Shultz is an honorary director at the Atlantic Council of the United States (think tank) and was a secretary for the U.S. Department of the Treasury.

Herbert M. Allison Jr. was a director at the Atlantic Council of the United States (think tank) and an assistant secretary at the U.S. Department of the Treasury.

Teresa M. Ressel was a director at the Atlantic Council of the United States (think tank) and an assistant secretary at the U.S. Department of the Treasury.

Scott Bessent is the serving since 2025 as the 79th U.S. Department of the Treasury and was formerly a partner at Soros Fund Management (SFM).

George Soros is the founder of the Soros Fund Management (SFM) and was the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the International Rescue Committee.

Timothy F. Geithner is an overseer, director for the International Rescue Committee, a co-founder for the Group of 20 (G20), was a researcher for Kissinger Associates, Inc., the secretary for the U.S. Department of the Treasury for the Barack Obama administration and a co-head for the Presidential Task Force on the Auto Industry.

J. Stapleton Roy was a vice chairman for Kissinger Associates, Inc. and a U.S. ambassador for China.

Henry A. Kissinger was an overseer at the International Rescue Committee, the founder of Kissinger Associates, Inc., a trustee at the Center for Strategic and International Studies (think tank), a friend of Brent Scowcroft and a friend of Michael R. Bloomberg.

Brent Scowcroft was a vice chairman for Kissinger Associates, Inc., a friend of Henry A. Kissinger and a trustee at the Center for Strategic and International Studies (think tank).

Center for Strategic and International Studies (think tank) was a funder for China.

Maurice R. Greenberg is a trustee at the Center for Strategic and International Studies (think tank), a director at the National Committee on United States-China Relations, an honorary chairman for the United States-China Policy Foundation, a director at the U.S.-China Business Council and was a benefactor for the Harlem Children's Zone.

Foundation to Promote Open Society was a funder for the Harlem Children's Zone.

George Soros was the chairman for the Foundation to Promote Open Society and a benefactor at the Harlem Children's Zone.

Michael R. Bloomberg was a benefactor for the Harlem Children's Zone, is a friend of Henry A. Kissinger, the founder of the Bloomberg Family Foundation, an advocate for the ONE Campaign and the founder of Bloomberg LP.

Elaine L. Chao is a director at the Bloomberg Family Foundation and married to (Mitch) Addison M. McConnell.