BWC Member Mark Sobel reflects on French President Macron G7 and US Treasury Secretary Bessent’s G20 diagnoses on global imbalances, arguing that their assessments are unlikely to succeed where others have failed. He dissects the root of their problems being the US deficit, the Big Beautiful Bill and its misguided tariff policies, and China and Europe’s surpluses. Skepticism continues to deepen, as countries will continue to act independently in macroeconomic policies. In other words, we shouldn’t expect much more to happen; this is a ‘nothingburger.’  

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All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.