Treasury Secretary Bessent Reports G20 Consensus on 'Cheap Exports' Except for China, Discusses AI and Trade with President Trump
Treasury Secretary Scott Bessent announced that 19 out of 20 G20 members agreed on the unsustainability of 'cheap exports' causing global economic imbalances, with China being the sole dissenter. Bessent made these remarks following a two-day meeting with finance ministers and central bankers, where he advocated for policies similar to the Trump administration's use of tariffs to address trade imbalances. He stated that non-market-based economies pushing out cheap exports are not sustainable and directly attributed China's large and unsustainable current account surplus as the reason for its dissent. Bessent also indicated that President Trump and Chinese President Xi Jinping would discuss artificial intelligence policy, emphasizing the need for more guardrails to prevent 'non-state actors' from developing their own AI models. He criticized AI companies for failing to adequately explain themselves to the American public, suggesting they must convince the public that benefits will not be limited to a small ... 
