China stopped the G20 finance ministers from issuing a joint statement, leaving the group split 19 to 1 and exposing how deep the fight over Chinese exports has become.

• China refused wording calling for an end to non-market policies that worsen trade imbalances, so no joint statement was possible.
• It also blocked language on keeping the Strait of Hormuz open to shipping, apparently worried the same principle could later be applied to the Taiwan Strait and the South China Sea.
• Beijing objected to lines on smooth supply of energy, food, fertilizer and critical minerals, and to a plan to help heavily indebted countries cut what they owe — much of it owed to China.
• The US, chairing the meeting, put out a chair's statement backed by the other 19 members instead, with Treasury Secretary Bessent saying cheap exports from non-market economies cannot go on forever.
• Pressure is building because China's exports jumped sharply in July and its trade surplus with Europe keeps growing, fueling European calls for tougher curbs on Chinese goods.

Outlook: Expect Europe and the US to push harder on trade defenses against Chinese exports, with future G20 meetings likely to end the same way.