Washington Transfers Its Battle With Iran to the G20
US Treasury Secretary Scott Bessent will urge his counterparts to join his efforts to confront Iran at the upcoming Group of Twenty (G20) summit in the United States, a government official announced. The first meeting in a series of gatherings on US soil will take place on Monday and Tuesday in Asheville, North Carolina, at a large hotel complex at the foot of the Appalachian Mountains, near the area in Tennessee where the late country music legend Dolly Parton was born and which saw her passing this week.
Treasury Secretary Scott Bessent, hailing from neighboring South Carolina, will host his counterparts and central bank governors from the world’s largest economies (China, India, Japan, Germany, etc.). The minister, whose offices are located adjacent to the White House, has quickly emerged as a pivotal figure in Donald Trump’s second term. He is responsible for managing complex trade negotiations with China, as well as the economic war against Iran.
Earlier this week, he warned countries continuing to trade with Iran, threatening to cut them off from the Western financial system. As a member of the G20 and a major buyer of Iranian oil, China responded by declaring its readiness to “firmly defend its rights and interests.” On Thursday, a Treasury Department official indicated that Bessent would strongly emphasize his anti-Iran message during all bilateral talks in Asheville.
The rotating presidency of the G20 returned to the United States this year, despite Washington’s strained relations with most other members due to tariffs imposed by Trump and reciprocal fiery rhetoric. Josh Lipsky, a researcher at the Atlantic Council think tank, told AFP: “Since there is currently a trade war with Canada, there is no cohesion within the Group of Seven (a mini-group comprising the US, Canada, and other countries). Without this cohesion, it becomes difficult to move to G20 meetings and conduct sensitive discussions.” He added, “I believe most countries will listen respectfully (to US officials), but they will remain cautious due to their own macroeconomic stakes, as well as those of the United States.”
Bessent recently unsettled investors by announcing an intervention in the markets aimed at lowering the cost of long-term borrowing for the federal government, whose massive debt has surpassed the $40 trillion mark.
The G20 was established following the Asian financial crisis between 1997 and 1998, with the goal of enhancing global economic and financial stability. It comprises 19 countries and two regional entities: the European Union and the African Union. President Donald Trump no longer wishes to discuss social and climate issues, but instead calls for a “return to basics” focusing on economic growth and addressing trade “imbalances.”
South Africa, a permanent member of the G20 that hosted last year’s summit, was excluded, while the US administration has repeatedly accused South African authorities of persecuting white farmers without providing evidence. Conversely, Washington invited Poland to participate in all efforts aimed at crowning the strong economic expansion witnessed by this Eastern European country.
Russia, which has been waging war against Ukraine since 2022, will be represented by a envoy from the Ministry of Foreign Affairs. The series of G20 meetings will conclude with a summit of heads of state in mid-December in Florida, at a luxurious golf complex owned by Donald Trump in Miami.
