US says world 'cannot ​have ⁠China with $1.2 trillion trade surplus'

The US is urging G-20 countries to reassess trade relations with China to reduce global trade imbalances and push China to shift its economy from export-driven to domestic consumption. The US is also working on a joint G-20 statement to lower trade deficits and plans talks on tariff reductions and AI regulation ahead of a high-level US-China summit.