US Treasury Secretary Scott Bessent affirmed Monday that the United States will maintain economic pressure on Iran as finance ministers and central bank governors from the Group of Twenty (G20) convened in Asheville, North Carolina. Speaking ahead of the two-day meeting, Bessent indicated that a significant shift in the campaign against Tehran could arrive within weeks or months, while emphasizing that Iran’s economy does not have to collapse to mark progress in the region’s ongoing conflict.
The meeting, held at the Omni Grove Park Inn amid heightened tensions, opened under the shadow of potential renewed hostilities between the US and Iran, with a recent lull in attacks possibly ending. The Trump administration is seeking support from G20 members to intensify sanctions targeting Iran’s economic activities, with a focus on curbing Tehran’s regional influence and prompting substantive peace negotiations.
European Union officials issued calls for continued diplomatic engagement to de-escalate conflict and welcomed US-led efforts to pressure Iran into ceasing destabilizing actions. French Finance Minister Roland Lescure said the EU would consider US proposals to enhance sanctions, highlighting cooperation among G20 members as essential. “We’re going to discuss with them whether we can help on that front,” Lescure remarked.
The G20 group, consisting of 19 countries alongside the EU and the African Union, was originally formed to strengthen global economic stability following the Asian financial crisis of the late 1990s. This year’s gathering also faces the challenge of navigating ongoing trade tensions, particularly between the United States and Canada, as well as broader conflicts such as the Russia-Ukraine war.
Canadian Finance Minister Francois-Philippe Champagne underscored the importance of maintaining economic growth and restoring stability to international trade during a period marked by rising protectionism. Meanwhile, European officials expressed concerns over Russia’s participation in the talks given its ongoing military actions in Ukraine, a point underscored by the EU economy chief Valdis Dombrovskis, who indicated that G7 discussions running parallel to the G20 meetings would address continued support for Ukraine alongside Middle East developments.
Notably, the US, which holds the G20 presidency this year, extended an invitation to Poland—an invitee outside the permanent membership pool—while excluding South Africa, which presided over last year’s meetings. This move reflects broader geopolitical considerations within the grouping.
Beyond sanctions and conflict-related discussions, the G20 agenda includes addressing global economic imbalances and sovereign debt challenges. US officials have highlighted concerns regarding excess industrial output, implicitly critiquing China’s large-scale industrial capacity and its effects on global markets. The talks also feature participation from global business figures such as JPMorgan CEO Jamie Dimon, focusing on barriers to investment and productivity.
Media access to the summit was restricted for certain outlets, though officials noted the presence of nearly 300 journalists from a variety of countries. Bilateral meetings on the sidelines are expected to play a key role as Treasury Secretary Bessent seeks to rally international compliance with US sanctions on Iran and advance the administration’s economic and diplomatic goals.