US' wrecker's-ball attempt to divide G20: China Daily editorial

As a premier forum for international economic cooperation, the G20 was established so that major economies could coordinate policies to promote global stability. Yet, the United States administration seems to view it as a tool for wielding its financial dominance.

On Sunday, in an interview ahead of the meeting of G20 finance ministers and central bank governors in Asheville, North Carolina, US Treasury Secretary Scott Bessent said he will call on G20 members to re-examine trade terms with China. He contended that "the flood of Chinese exports is not sustainable" and that "the world cannot absorb a China running a $1.2 trillion trade surplus".

The US is trying to transform a multilateral stage into a platform for unilateral demands and threats. Such actions undermine the very spirit of dialogue and mutual respect that keeps the G20 relevant. The international community should recognize this maneuver for what it is: an attempt to weaponize a multilateral platform for narrow, self-serving gains.

Bessent's bid to persuade other G20 members to form a coalition of economic coercion against China rests on unfounded claims about the "vulnerability" of the Chinese economy; he even lectured Beijing on how to restructure it, but only for the interests of the US.

His narrative is a smokescreen for the US administration's lackluster efforts to bolster the US' own competitiveness in emerging sectors — electric vehicles, lithium batteries, and photovoltaics — or to sustain its edge in artificial intelligence, robotics, and innovative pharmaceuticals. Unable to rise to these challenges, Washington instead seeks to expand its influence by rallying others to erect trade barriers against China.

Bessent didn't, of course, mention the US' restrictions on exports to China of the very goods in which the US excels, and that the US has coerced its allies to follow suit. Likewise, the "trade imbalance" narrative conveniently overlooks that developed economies maintain a substantial services trade surplus with China. This selective storytelling reveals the true nature of the US administration's "trade imbalance" narrative: It is not about fairness, but about containing China's rise and development.

The current trade dynamics are a natural outcome of economic globalization and the division of labor, shaped by market forces and efficiency. China's trade surplus is not the result of deliberate policy action, but a reflection of international supply-and-demand dynamics, industrial specialization and market competition.

Equating a trade surplus to taking advantage is an economic fallacy that ignores the mutual benefits of trade. China's high-value exports are a testament to its market-driven innovation and competitiveness, while its affordable goods help lower living costs and support green transitions worldwide.

Moreover, China's import scale continues to expand. As the world's second-largest import market for 17 consecutive years, the country offers vast opportunities and has actively promoted balanced trade by lowering tariffs and hosting the China International Import Expo.

It is a fundamental principle of international relations that a country's trade policies and terms fall within its sovereign rights. The US has no authority to dictate these terms to sovereign nations. Its recent coercive trade moves against Canada starkly illustrate that when the superpower talks about common benefits, it is just pursuing its own interests.

The G20 members have suffered enough from US tariff moves, long-arm jurisdiction and restrictive trade measures to see through its schemes. Indeed, the US has already eroded the trust needed for rallying support in many fields, even among its own allies. According to a Reuters report, at last week's Jackson Hole Economic Policy Symposium, European bankers expressed growing concerns over Washington's adherence to global cooperation norms, prompting Federal Reserve policymakers to reassure their counterparts of their commitments.

The primary source of global economic uncertainty is the US' unilateral actions. Instead of soliciting support to pressure China, the US administration should return to the G20 table with a commitment to genuine cooperation. The world needs stability and dialogue, not bullying and false narratives.