U.S. Treasury Secretary Promotes Economic Policies Amid G20 Friction

U.S. Treasury Secretary Scott Bessent promoted the Trump administration's economic policies as a global model during a Group of 20 meeting of finance ministers and central bankers in Asheville, North Carolina. Bessent emphasized the United States' position as an AI superpower, but his presentation faced pushback from European and Canadian allies.

Allies criticized the administration's use of tariffs and its war with Iran, arguing these actions disrupt shipping, energy markets, and global trade stability. European officials specifically condemned Bessent's decision to sell U.S. holdings of euros to support the Japanese yen without prior coordination, a move that lowered the value of European currencies.

Philosophical divides emerged over energy and technology, with the U.S. prioritizing deregulation and fossil fuels while European leaders maintained a commitment to renewable energy and cautious AI regulation. While Bessent dismissed concerns over escalating tariff disputes, Canadian Finance Minister François-Philippe Champagne vowed to defend Canada's industries and workers.