Treasury Secretary Scott Bessent is urging counterparts in Group of 20 (G20) nations to consider implementing tariffs and other trade measures to protect their domestic industries from what he described as cheap imports. Bessent's comments, made on the sidelines of G20 finance minister meetings in Asheville, North Carolina, suggest a potential alignment with the trade protectionist strategies previously employed by the Trump administration.
Bessent told reporters that he had warned other nations at the outset of a potential second Trump term that a U.S. "tariff wall" would likely lead to an influx of Chinese goods into their markets. "And unfortunately, I was right," Bessent stated, adding, "The rest of the world probably needs to take a hard look at what they should be doing to protect their citizens’ jobs, their manufacturing base, so that everything they do doesn’t get offshored."
The Trump administration's previous use of tariffs faced criticism from economists and politicians for increasing costs for U.S. consumers and sometimes straining relationships with allied nations. According to the Tax Foundation, an independent think tank, tariffs imposed by the Trump administration during 2025 resulted in an approximate 7% increase in the retail price of imported consumer goods compared to pre-tariff trends.
While the U.S. Supreme Court ruled in February that sweeping global tariffs enacted by Trump under emergency powers were unconstitutional, the administration has been reevaluating its trade approach. It is reportedly considering an additional 7.5% tariff on Chinese imports following an investigation into allegations of China's excess industrial capacity and forced-labor practices.
Bessent also met with his Chinese counterparts during the summit, although specific details of their discussions were not disclosed. He emphasized the need to "de-risk" the economic relationship with China, despite areas of shared interest. "We have more in common with the Chinese on Iran than we disagree on," Bessent said in a conversation with former Trump economic adviser Larry Kudlow. "The Chinese agree Iran cannot have a nuclear weapon. The Chinese agree that there should be freedom of navigation in the Strait of Hormuz."
Bessent identified China's trade surplus, which reached a record $1.2 trillion in 2025, as a hindrance to global economic growth, alongside what he termed excessive regulation. Addressing concerns about global debt, which has reached a record $353 trillion with U.S. debt at $40 trillion as of August, Bessent expressed confidence, stating, "I don't think we’re in any kind of dire situation" regarding the bond markets.