00:00A lot of talk about growth, of course, the U.S.'s stated goal for this summit and for its G20
00:04presidency,
00:05but also talk on other topics, on Iran.
00:07Secretary Besant telling CNBC that the U.S. doesn't need China to get on the same page in its economic
00:12pressure campaign
00:12in order to get Iran to the negotiating table.
00:15We also heard a lot about the bond market.
00:17Besant saying that he and Fed Chairman Kevin Warsh are on the same page when it comes to the bond
00:21market
00:21and that he wasn't trying to change the equilibrium price in the market.
00:26Now, we also heard a number of bilateral meetings that have been taking place on the sidelines of this summit.
00:31At least 11 meetings for the secretary, I was told by a Treasury official.
00:35China, Canada, Russia, all on that list.
00:38We also heard the full G7 ministers sat down last night for a meeting as well.
00:42Now, I'm told by a Treasury official that the focus today is going to be on addressing global imbalances.
00:47So that puts trade tariffs as well as Chinese overcapacity at the forefront.
00:51And a senior Treasury official, in a readout on Monday's meeting, offered us a little bit of a preview of
00:57what we might be able to expect there.
00:59That official is saying in a statement that several countries on Monday talked about the need for an international trading
01:04system that's more fair.
01:05They say they'll have a longer dedicated G20 discussion today on those imbalances,
01:10during which the U.S. will emphasize that we are no longer tolerating other countries' unfair trading practices.
01:16And that puts the president's tariff agenda right at the forefront here.
01:19Remember, guys, every single one of these G20 nations was just hit with tariffs of between 10 and 12.5
01:25percent just in July over concerns about forced labor.
01:28And most of the G20, about six countries plus the entire European Union,
01:32they're all under investigation now for further tariffs specifically targeting overcapacity concerns.
01:38So I read that statement as a little bit of a warning to these countries.
01:41We're likely to see the Treasury secretary say that there is this investigation ongoing and there could be more tariffs
01:47coming.
01:48Andrew?
01:50So, Megan, when you say that this conversation about imbalances is being raised by the U.S.,
01:55or you believe it's going to be raised by these other countries,
01:58and are they getting together to try to put pressure back on the U.S., or is this something else
02:03happening?
02:05As far as we know, this is the U.S.'s stated goal.
02:07I was told by a Treasury official that's what the U.S. wants to focus on today.
02:10But it's an interesting point because other countries, of course, have concerns about this, too.
02:14In many ways, they are on the same page, especially when it comes to China.
02:18There are many, many countries that agree with the U.S. that China does have an overcapacity problem,
02:22that by shipping so much overseas and dumping in other countries, that's impacting their own manufacturing and their own prices.
02:28Where the disagreement lies is in what the approach should be.
02:32The U.S. has imposed these tariffs and says that other countries should do it, too,
02:35to protect their own domestic markets from China.
02:38Other countries, we expect, will be arguing that some of the U.S.'s tariffs have actually made the problem worse
02:42on their shores.
02:44And so they're now the victim of more of the dumping that otherwise might have been in the United States.
02:49The U.S. says that means everybody should be enacting more trade barriers.
02:52Other countries, though, don't agree.
Commenti