Kathmandu— United States Treasury Secretary Scott Bessent urged his counterparts at the two-day meeting of finance chiefs in Asheville, North Carolina, to take stronger action against Chinese imports. Bessent argued that these imports are causing significant economic distortions and 'sucking' growth from the global economy. The call comes amid a bond market selloff due to growing debt levels and inflation pressures.

G20 Meeting Context

The meeting in Asheville, North Carolina, took place against the backdrop of a global bond market selloff driven by concerns over rising debt levels and inflation. Bessent warned that tougher US tariffs have led to an influx of Chinese goods into other markets, affecting domestic industries and job markets across G20 countries.

China's Economic Impact

China’s massive export push has put pressure on economies worldwide, particularly as the US has imposed high tariffs and bans on certain Chinese products. China has increased its exports of electric vehicles, semiconductors, and other goods, with total exports rising 23.9 percent year-on-year in July.

Criticism of Tariff Policies

The Trump administration’s tariff policies have faced criticism from economists and politicians for raising costs for US consumers and punishing allies. The Tax Foundation found that tariffs imposed throughout 2025 raised the retail price of imported consumer goods by about 7 percent relative to pre-tariff trends.

Diverse G20 Responses

While European Economy Commissioner Valdis Dombrovskis agreed on China’s role in economic imbalances, he also noted that the US and Europe have roles to play. German Finance Minister Lars Klingbeil highlighted that tariff disputes and geopolitical tensions are major sources of uncertainty for global growth.

The outcome of the G20 meeting remains uncertain as member countries like China show little interest in reducing industrial subsidies or rebalancing their economies.

(With inputs from Al Jazeera)

Originally published on abcnews.com.np.