Bessent Says China Stopped Unanimous G20 Communique

Summary

Bloomberg's Jill Disis discusses Treasury Secretary Scott Bessent's statement that China was the sole G20 dissenter, blocking a joint communique over trade imbalances. China's record $1.2 trillion trade surplus and objections on Strait of Hormuz language added friction. The dispute is not expected to derail the anticipated Xi Jinping-Donald Trump meeting, but no specific investable trade ideas were presented.

• Treasury Secretary Scott Bessent says China was the sole G20 dissenter over its large current account surplus.
• China's 2024 trade surplus hit a record $1.2 trillion.
• China also objected to language on free flow of trade through the Strait of Hormuz.
• US efforts to isolate Iran economically are facing limited traction with partners.
• The G20 chair statement reflects China's dissension.
• US and China had only limited talks on AI; China's counterpart was absent.
• The expected Xi Jinping-Donald Trump meeting in Washington is still on track despite tensions.