G7 Finance Leaders Target China’s Export Imbalances with IMF Data Insights
G7 Discussions Focus on China’s Export Practices and Global Economic Impact
By David Lawder
Emphasis on IMF Data and China’s Export Push
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.
Warnings to Western Allies on Trade Protections
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.
Tariff Walls and Global South Absorption Issues
"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."
Sanctions Enforcement on Iran
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)
