US Treasury Secretary Scott Bessent to Lead G20 Finance Meetings in Asheville

U.S. Treasury Secretary Scott Bessent is leading meetings with G20 finance ministers and central bank governors this week in Asheville, North Carolina. Bessent aims to use the forum to push the Trump administration's goals of shrinking global trade imbalances, boosting growth, and severing business ties to Iran. The meetings occur amid significant uncertainty regarding U.S. tariff moves, a trade conflict with Canada, and high commodity prices resulting from the war in Iran. Bessent has warned that countries may face secondary U.S. sanctions for continuing to buy Iranian oil, and he recently imposed curbs on an Egyptian bank over links to Iran. The Trump administration is utilizing tariffs to reduce trade imbalances, which a senior Treasury official attributed to distortive government economic policies. While European officials are concerned about the flood of Chinese exports into their markets, economists note that the U.S. has shown little interest in reducing its own fiscal deficits. Total U.S. public debt exceeded $40 trillion on August 19, leading to market concerns regarding the future debt trajectory and bond yields.