China · Japan · Nation Thailand
G20 backs action on distorted trade despite China dissent
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The United States has secured support from every G20 financial leader except China for action against non-market policies and trade distortions that encourage excessive reliance on exports and constrain growth elsewhere.
Key facts
- Finance ministers and central bank governors reached the position during a two-day meeting in Asheville, North Carolina, which concluded on Tuesday (September 1, 2026).
- China’s goods trade surplus with the European Union reached €360.6 billion in 2025, up 15% from the previous year, intensifying European calls for stronger protection against heavily subsidised imports.
- Its exports increased by 23.9% year on year in July.
- Japan’s 10-year government bond yield reached 3% for the first time since 1996
- Beijing introduced rare-earth export controls in April 2025 in response to US tariffs, affecting businesses outside the United States as well as American companies.
- European countries and Canada criticised the decision by the US hosts to invite Russia, which attended a G20 finance meeting for the first time since its invasion of Ukraine in 2022.
Summary
Finance ministers and central bank governors reached the position during a two-day meeting in Asheville, North Carolina, which concluded on Tuesday (September 1, 2026).
The G20 chair’s statement said countries with excessive and persistent external surpluses should remove policies that restrict domestic consumption and leave their economies overly dependent on exports. China declined to support that section of the statement.