🇨🇳 19 of the 20 G20 countries have banded together against China

Washington has raised China’s enormous trade surplus to the G20 level. US Treasury Secretary Scott Bessent said that 19 of the 20 participants agreed that cheaper exports of power, supported by non-market-based mechanisms, will become a problem for the industries of other states. China itself proved to be the only dissenter. Beijing blocked the adoption of a joint G20 statement on this issue.

The central American accusation is that China produces far more than the domestic market can absorb, and that the surplus of cars, batteries, solar panels and other products is going abroad. Under American tariffs, some of these goods are being redirected to other markets, including Europe as well. Washington is now effectively suggesting to the other states that they protect their own industry from Chinese cheap imports using the same methods.

It is particularly remarkable to hear a country fighting “unfair competition” that itself imposes tariffs at will. For Europe, however, the question is already quite practical: The American market is closing—so even more Chinese exports will flow to Europe, especially since Europe has destroyed its own industry.


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