Finance ministers from 19 of the G20's 20 members agreed at a two-day summit in Asheville, North Carolina, to take collective action on "cheap exports" and persistent trade imbalances — but China refused to sign on, underscoring deep divisions over global trade policy. US Treasury Secretary Scott Bessent called the near-unanimous agreement "incredible", arguing it demonstrated "the sheer enormity of the problem". The gathering, hosted by the United States as current holder of the rotating G20 presidency, was also overshadowed by the attendance of Russia's finance minister and ongoing tensions over the wars in Ukraine and the Middle East.
The chair's final statement warned that "excessive and persistent imbalances pose risks and can generate economic distortions" — language widely understood as a pointed reference to China's industrial overcapacity. China's trade surplus reached a record $1.2 trillion in 2025, and Bessent has consistently argued that a flood of subsidised Chinese goods distorts global markets, undercuts domestic manufacturers in other countries, and contributes to the large US trade deficit. Bessent told reporters he had warned other nations at the start of Trump's second term that US tariff barriers would redirect Chinese goods into their markets. "And unfortunately, I was right," he said, urging partners to consider protective measures of their own. The Trump administration is now eyeing an additional 7.5% tariff on Chinese imports following investigations into alleged excess industrial capacity and forced-labour practices, after the US Supreme Court ruled earlier this year that the sweeping emergency-powers tariffs imposed in 2025 were unconstitutional.
China also dissented from a separate section of the statement calling for "free, safe, and predictable navigation through the Strait of Hormuz", the critical waterway linking the Persian Gulf to the Arabian Sea. The strait has been largely disrupted since late February, when a US-Israeli military campaign against Iran began. Despite the friction, Bessent said he found some common ground with his Chinese counterpart on Iran, including agreement that Tehran "cannot have a nuclear weapon". He also previewed an upcoming meeting between President Trump and Chinese President Xi Jinping, at which AI policy and trade are expected to feature prominently.
The presence of Russian Finance Minister Anton Siluanov generated significant diplomatic friction throughout the summit. European officials expressed frustration at receiving short notice of his inclusion, and Siluanov was excluded from the traditional group photograph following protests from EU representatives. Canadian Finance Minister François-Philippe Champagne said Russia's attendance "created a lot of discomfort around the table", while EU economy chief Valdis Dombrovskis argued it was not the time to normalise Russia's participation in such forums, given that Moscow is "waging an aggressive war" in Ukraine. Bessent defended the decision, saying engagement is necessary for conflict resolution. German Finance Minister Lars Klingbeil meanwhile warned of an "increase in brutal rocket attacks on the civilian population" in Ukraine and said European ministers made their position "absolutely clear".
The G20 — which comprises 19 nations plus the European Union and the African Union, and was founded after the 1997–1998 Asian financial crisis to promote global economic stability — will next convene at a leaders' summit in Miami in December, which Trump will chair. The Asheville meeting set the agenda for those talks, with global debt, trade imbalances, and the Ukraine conflict all expected to remain central concerns.