Bessent says G20 countries should also use tariffs to protect their industries from cheap imports
Summary
Treasury Secretary Scott Bessent urged G20 countries to use tariffs like the Trump administration did to protect their industries from cheap imports. He emphasized the need to safeguard jobs and manufacturing, while also discussing U.S.-China trade tensions and global economic challenges.Key Facts
- Bessent encouraged G20 nations to adopt tariff measures to guard against cheap imports harming local industries.
- He warned early in President Trump’s second term that U.S. tariffs would cause Chinese goods to flood other markets.
- Trump administration tariffs raised retail prices on imported goods by about 7% in 2025, according to the Tax Foundation.
- The U.S. Supreme Court ruled in February that Trump’s global tariffs under an emergency law were unconstitutional.
- The U.S. is considering an additional 7.5% tariff on Chinese imports due to concerns about excess capacity and forced labor.
- Bessent spoke with Chinese officials but gave no details, emphasizing a need to “de-risk” trade without breaking ties.
- China’s trade surplus hit $1.2 trillion in 2025, which Bessent says hampers global growth.
- Global debt reached $353 trillion, and U.S. debt hit $40 trillion in August, though Bessent said bond markets are stable.
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