Bessent on China's G20 Dissent, Japan, and Canada Spat

Summary

Treasury Secretary Scott Bessent discusses China's blocking of the G20 communique, US efforts to cut off RMB-dollar channels used to pay Iran, Japan's successful Abenomics reforms and the start of Takaichinomics, and Canada trade discussions requiring leaders-level resolution.

• Bessent says China, with the world's largest unsustainable current account surplus, dissented at the G20.
• He describes US actions closing Gulf banks and cash houses that convert RMB payments to Iran into dollars.
• He argues Abenomics worked and that Japan has restructured its corporate sector and reduced regulation.
• Bessent says it is now time for Takaichinomics.
• Canada talks covered global imbalances and repairing trade, likely requiring leaders-level engagement.