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← Economic Fallout

Bessent urges G20 nations to adopt tariffs, warns of Chinese goods flooding markets

Confirmed1 source · Sep 1, 2026

U.S. Treasury Secretary Scott Bessent is pushing other G20 countries to adopt tariff protections similar to the Trump administration's trade policies.

Bessent urges G20 nations to adopt tariffs, warns of Chinese goods flooding markets
Image via AP

What happened

Treasury Secretary Scott Bessent told G20 finance ministers that other nations should adopt tariffs to protect their industries and jobs, warning that U.S. tariffs would redirect Chinese goods to their markets. Bessent stated he had cautioned other nations at the start of Trump's second term about the U.S. "tariff wall," adding "unfortunately, I was right." He met with Chinese counterparts but provided no details of those discussions. The Trump administration is considering an additional 7.5% tariff on Chinese imports following an investigation into alleged Chinese excess industrial capacity and forced-labor regulations.

Context

Bessent's position reflects the Trump administration's shift in trade strategy after the U.S. Supreme Court ruled in February that sweeping global tariffs imposed under emergency powers were unconstitutional. The Tax Foundation found that tariffs imposed throughout 2025 raised retail prices of imported consumer goods by roughly 7% relative to pre-tariff trends. China's trade surplus reached a record $1.2 trillion in 2025, which Bessent has identified as a barrier to global economic growth. Bessent framed U.S.-China relations as needing "de-risking" rather than decoupling, citing shared interests on Iran and maritime navigation. Meanwhile, global debt has reached $353 trillion, with U.S. debt at a record $40 trillion as of August.