Exclusive-Bessent says G7 aims to confront China with imbalances data
Tweet
Share
E-mail
U.S. Treasury Secretary Scott Bessent poses for a photo ahead of a G7 finance ministers and central bank governors meeting in Paris, France, May 18, 2026. REUTERS/Tom Nicholson
By David Lawder
PARIS, May 19 (Reuters) - U.S. Treasury Secretary Scott Bessent told Reuters on Tuesday that the Group of Seven finance leaders' discussions on curbing global imbalances put a lot of emphasis on confronting China with International Monetary Fund data showing the detrimental impact of its massive export push.
Bessent said he had previously warned Western allies that without trade protections, they faced a flood of Chinese exports including electric vehicles that would damage their economies.
"I had warned the Europeans, and the Australians, and the British, and the Canadians, and Japan, that the U.S. was going to put up a tariff wall, and these high-end Chinese goods cannot be absorbed by the Global South and they're coming somewhere," Bessent said in an interview after the meeting. "And unfortunately, I was right."
Regarding the enforcement of sanctions on Iran, he said European countries needed to take stronger action to close Iranian bank branches, and that Asian countries needed to better police Iran's tanker shadow fleet to prevent the transfer of oil to non-sanctioned vessels.
(Reporting by David Lawder)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Soccer-With security lines and star-studded spectacle, World Cup prepares for final showdown
- Israel to receive more US refuelling planes as Iran attacks intensify, Israeli officials say
- Germany's Merz signals possible opportunity for cabinet reshuffle
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
