G20 backs action against China trade
Analysis based on 7 articles · First reported Sep 02, 2026 · Last updated Sep 02, 2026
The G20's unified stance against China's trade practices could escalate trade tensions, potentially leading to new tariffs or restrictions that disrupt global supply chains and affect multinational companies. The deepening bond market sell-off, highlighted by Japan's 10-year yield reaching 3%, reflects investor concerns over inflation and fiscal deficits, which may lead to tighter monetary policy and higher borrowing costs globally.
At the G20 finance ministers' meeting in Asheville, North Carolina, on September 1-2, 2026, all members except China backed a statement calling for action against 'non-market policies' and distortions that cause over-reliance on exports. The statement urged countries with excessive external surpluses to remove distortions constraining domestic consumption. The meeting focused on China's massive export push, which has pressured global economies amid US tariffs. US Treasury Secretary Scott Bessent said 19 countries wanted to address the problem. China's exports rose 23.9% year-on-year in July, and its goods trade surplus with the EU reached €360.6 billion in 2025. The meeting also saw European and Canadian dismay over Russia's attendance, and discussions on critical minerals export restrictions and AI regulation. Separately, global bond markets sold off, with Japan's 10-year yield hitting 3% for the first time since 1996, and Bessent called for the Japan — Bank of Japan to raise rates.
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