U.S. Treasury Secretary Scott Bessent said Monday that Washington will continue to exert economic pressure on Iran, noting that a turning point in this campaign could come “within weeks or months,” as G20 finance ministers and central bank governors began their meetings against the backdrop of war and trade tensions.
“We will continue to apply pressure, and we’ve already had very good discussions here,” Besent told reporters before the start of his meetings with his counterparts from G20 countries.
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The U.S. Treasury Secretary noted that a turning point in the U.S. campaign of economic pressure could occur “within weeks or months,” clarifying that it is not necessary for the Iranian economy to collapse due to the war in the Middle East in order to achieve this goal.
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President Donald Trump’s administration is seeking to rally its G20 partners to increase economic pressure on Iran, during the summit taking place in Asheville, North Carolina, which concludes on Tuesday, amid a new exchange of fire with Tehran.
The first exchange of attacks between the U.S. and Iran in a month overshadowed the meetings as leaders arrived Monday morning at the foggy, mountainous Omni Grove Park Inn complex.
The European Union had already called for “ongoing diplomatic efforts” aimed at reaching a peace agreement in the Middle East.
The EU welcomed efforts to ensure that Iran ceases its “destabilizing activities” and participates “in good faith” in peace negotiations, including through U.S.-led economic pressure.
French Finance Minister Roland Lesquire told reporters that European officials will listen to the U.S. plans.
“We all need to work on this. The U.S. has a view on how sanctions can be strengthened. We will discuss with them how we can help in that direction,” he said.
The G20 consists of 19 countries, as well as the EU and the African Union. It was established following the 1997–1998 Asian financial crisis, with the aim of strengthening global economic and financial stability.
At the same time, the Trump administration’s trade wars are affecting the talks, with observers examining whether the G20 can continue to cooperate in addressing major economic challenges.
Analysts warn that the trade dispute between the U.S. and Canada is undermining unity among the advanced economies of the G7, as the countries are called upon to discuss difficult issues within the broader G20 framework.
G7 finance ministers are also expected to meet on the sidelines of the proceedings in Asheville.
“Canada has always been at the table and constructive, ready to discuss,” Finance Minister François-Philippe Champagne told reporters on Monday.
He emphasized the need to ensure continued economic growth and to “restore some stability to trade, which will benefit all the countries represented here today.”
Besent did not attend last year’s meeting hosted by South Africa, which has been excluded from the group by the U.S. Washington holds the rotating presidency of the G20 this year.
Instead, U.S. officials invited Poland, even though it is not a permanent member of the G20.
A Russian representative is also participating in the proceedings. A European official, speaking on condition of anonymity, expressed dissatisfaction that Moscow—which has been at war with Ukraine since the 2022 invasion—was not excluded.
EU Commissioner for the Economy Valdis Dombrovskis stated that the G7 talks will address continued support for Ukraine, beyond the conflict in the Middle East.
In addition to promoting economic growth, U.S. priorities for this year include addressing “global imbalances” and challenges related to public debt.
The G20 discussions will also seek to ensure that economies avoid policies that channel excess production into international markets, a U.S. official said last week.
This position echoes criticism of China’s excess industrial production capacity, which, according to its critics, drives down prices and creates unfair competition.
Bilateral meetings on the sidelines of the summit are also expected to take center stage, where Besset is expected to make direct appeals to his counterparts, as Washington seeks to economically isolate Iran.
A U.S. Treasury Department official stated that Bessent will deliver a stern message to the G20, calling on countries to comply with U.S. sanctions.
Business leaders are also participating in this year’s G20 discussions, including JPMorgan CEO Jamie Dimon, to address barriers to investment, innovation, and productivity.
Source: KYPE
