U.S. Treasury Secretary Scott Bessent is meeting with finance ministers and central bank governors of the G20 this week in an effort to rally the world's largest economies. The Secretary faces a major test of his economic diplomacy skills as he seeks to boost growth, shrink global trade imbalances, and address mounting concerns regarding U.S. debt and bond yields.
Bessent intends to focus on a range of issues designed to draw uncontroversial support, though he also plans to ask G20 members to review their terms of trade with China. This request underscores lingering tensions between the two largest economies prior to an upcoming meeting between their leaders.
These discussions occur amid massive uncertainty over the Trump administration’s next moves. The United States has disrupted the international order with aggressive tariffs on major allies and an unpopular war on Iran, and Bessent is now pressing finance leaders to sever business ties with Iran.