Investing.com -- Bank of England Governor Andrew Bailey has called on the United States to address its concerns about the global economy through discussions instead of imposing import tariffs. The call was made during a conversation with British lawmakers on Wednesday, following the recent tariffs imposed by U.S. President Donald Trump.

Bailey emphasized the significance of open trade during a meeting of Group of 20 central bankers and finance ministers held last week in South Africa. Notably, the new U.S. Treasury Secretary Scott Bessent did not attend the meeting.

Bailey advocated for multilateral forums as the ideal setting to address any imbalances in the world economy, instead of using bilateral actions. His comments come in the backdrop of the U.S. grappling with a current account deficit and a significant fiscal deficit, which it is financing through external capital.

In his conversation with the Treasury Committee in parliament, Bailey also pointed out that China currently has a very large current account surplus. He also drew attention to the recent announcement by Germany, another country with a large surplus, of a major infrastructure and defense investment plan on Tuesday.

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