Top economic officials from the Group of 20 nations failed to agree on a joint statement Tuesday due to resistance from China, which opposed language criticizing its export strategy. The dissent frustrated the United States, host of the meetings in North Carolina, highlighting a major rift between the world's two largest economies.

Treasury Secretary Scott Bessent accused China of pushing a "never-ending stream of cheap exports" that is unsustainable. He noted China, with the world's largest current account surplus, was the sole dissenter. The Treasury released a chair statement outlining areas of agreement, but China rejected sections on critical minerals supply chains, export-reliant growth risks, and sovereign debt restructuring. Bessent said the other 19 nations agreed on global imbalances.

Geopolitics overshadowed economic talks as European officials expressed a "sour taste" over the in-person attendance of Russia's finance minister, Anton Siluanov. Bessent argued engagement with both Russia and Ukraine is critical to ending the war. He also warned the conflict in Iran is the biggest issue haunting the global economy, driving up energy prices. The U.S. is rallying support for "Operation Economic Outcast" to strangle Iran's economy, with Bessent predicting the Strait of Hormuz will become a "worthless piece of water" within two years.