Washington wants other countries to join it in blocking a flood of cheap Chinese exports — bad news for China's factories, and a warning to Europe and Latin America that they may be next in line for tariffs.

• Treasury Secretary Bessent is urging G20 members to rewrite their trade terms with China at the finance meeting in North Carolina.
• His argument: China's economy is weak at home, so it is exporting its way out of trouble, and a trillion-dollar-plus trade surplus is too big for the world to absorb.
• US tariffs have already cut the American trade gap with China by a third this year, but the goods just went elsewhere — mainly Europe and Latin America.
• The US wants Beijing to shift toward its own consumers and cut factory subsidies, rather than fix the problem with a stronger yuan.
• Calls in Europe for a currency deal to push the yuan up were waved off as a distraction, even though the IMF sees it as heavily undervalued.

Outlook: Expect more countries to face pressure to raise their own barriers on Chinese goods, with the tariff fight spreading beyond the US.