Treasury Secretary Scott Bessent is set to intensify efforts to isolate Iran economically during the upcoming Group of 20 (G20) finance ministers and central bank governors meeting next week, a U.S. official confirmed on Thursday. The gathering will take place Monday and Tuesday in Asheville, North Carolina, amid ongoing tensions related to conflict in the Middle East and strained international trade relations.
This meeting marks the first of several high-level interactions ahead of the G20 leaders’ summit scheduled for December in Florida, which will be hosted by President Donald Trump. U.S. officials plan to emphasize the importance of full compliance with sanctions on Iran, seeking to increase pressure on Tehran following recent military escalations in the region. Bessent is expected to engage in bilateral discussions with counterparts from the member countries, although details of these meetings, including whether China will participate, have not been disclosed.
The G20 comprises 19 nations plus the European Union and the African Union. Established in response to the 1997-1998 Asian financial crisis, the forum aims to enhance global economic and financial stability. This year, South Africa has been excluded from the group under the U.S. presidency, with Poland invited to fill the vacated seat. The Asheville meeting will also address issues such as industrial overcapacity, economic growth promotion, and the development of resilient supply chains for critical resources, particularly energy.
While the G20’s agenda has expanded over time to include topics like climate change and global health, U.S. leadership is expected to advocate a “back-to-basics” approach focused on debt management, trade, financial stability, and banking regulation. Analysts note that the meeting occurs amid challenges to U.S. global leadership, including rising concerns over American debt levels and friction caused by sweeping U.S. tariffs that affect both competitors and allies, such as Canada.
The heightened conflict in the Middle East, stemming from U.S.-Israel strikes against Iran in February, has exacerbated energy price volatility and economic uncertainty. In response, Bessent has outlined a strategy to isolate Iran economically by broadening secondary sanctions and warning of significant consequences for countries that do not align with these measures. A major obstacle remains China, which is Iran’s largest oil purchaser. This challenge comes ahead of a highly anticipated summit between President Trump and Chinese leader Xi Jinping in September.
The combination of a U.S.-Canada trade dispute and the prospect of sanctions against other G20 members has raised concerns about potential divisions within the group. Josh Lipsky, chair of international economics at the Atlantic Council, noted that the meeting’s core difficulty may be maintaining unity amid these competing pressures. The Asheville talks will thus test the cohesion of the G20 as it navigates complex geopolitical and economic challenges.