Bessent says 19 finance ministers agreed ‘cheap exports’ are unsustainable, but China dissented

U.S. Treasury Secretary Scott Bessent said 19 G20 members agreed that cheap exports and trade imbalances require action, while China opposed the position, after finance ministers met in Asheville, North Carolina, on Sept. 1. Bessent urged countries to consider tariffs and other trade barriers to protect domestic industries from Chinese imports, arguing U.S. tariffs have redirected Chinese goods toward other markets. Reuters reported that Chinese exports of electric vehicles and semiconductors rose 23.9% year over year in July. European officials also raised concerns about Chinese subsidies, currency valuation and industrial overcapacity, while stressing that surplus and deficit economies all have responsibilities. The meeting did not produce full consensus on a joint communiqué, with disagreements involving trade language, critical minerals and Russia’s participation. Treasury’s February agenda identified excessive global imbalances as a 2026 G20 priority. The claims about 19 members supporting Bessent’s position remain his characterization, not independently documented voting results.