US Treasury’s Bessent faces G20 diplomacy test amid tariffs, Iran war, bond turmoil

CUTTING IMBALANCES The tariffs are central to the Trump administration's effort to reduce global trade imbalances, which a senior Treasury official said were the result of distortive government economic policies "that prevent fair competition" and that would be ​a major discussion topic at the Asheville meetings.

Its last major collective action came during ​the COVID-19 crisis in 2020, when member countries agreed to inject another $5 trillion into the global economy to combat job and income losses.

Treasury Secretary Scott Bessent faces a major test of his economic diplomacy skills this week as he presses finance leaders from the G20 major economies to shrink global trade imbalances, boost ​growth and sever business ties to Iran, while trying to calm worries about rising U.