US to push economic pressure on Iran at G20 finance talks

<p> WASHINGTON: Treasury Secretary Scott Bessent will step up efforts to isolate Iran economically as he hosts G20 counterparts next week, a US official said Thursday, in a gathering clouded by war and trade tensions.<br /> Finance ministers and central bank governors from the Group of 20 major economies are due to convene in mountainous Asheville, North Carolina, next Monday and Tuesday.<br /> Their talks are the first of several key ministerial meetings this year, setting the stage for a G20 leaders’ summit President Donald Trump will host in December in Florida.<br /> In Asheville, US officials will stress to G20 members the importance of complying with its sanctions on Iran, as it ramps up pressure on Tehran amid war in the Middle East, a Treasury official told reporters.<br /> The official signaled Bessent will make direct appeals to counterparts in bilateral meetings. But they stopped short of sharing who he had scheduled talks with and whether they include China.<br /> The G20 comprises 19 nations plus the European Union and the African Union. It was established in the wake of the 1997-1998 Asian financial crisis to boost global economic and financial stability.<br /> But South Africa has been excluded from the G20 under the US presidency this year, while Washington invited Poland to a seat at the table.<br /> Next week, US officials will also push to address concerns like excess industrial capacity, promoting stronger economic growth and building reliable supply chains for critical resources like energy.<br /> Although G20 talks broadened to cover issues like climate change and global health over time, analysts expect Washington to advocate a “back-to-basics” approach this year.<br /> This means a renewed focus on debt, trade, financial stability and banking regulation, Josh Lipsky, chair of international economics at the Atlantic Council think tank, told AFP.<br /> The upcoming gathering, however, comes as US global leadership faces a test.<br /> Worries about US debt levels are growing, while Trump’s sweeping tariffs targeting competitors — and longtime allies like Canada — have strained ties.<br /> Countries are also grappling with economic fallout after US-Israel strikes on Iran from February plunged the Middle East into war, causing energy costs to surge.<br /> Bessent has laid out plans to isolate Iran economically, widening secondary sanctions threats and warning of dire consequences for countries that fail to join the campaign.<br /> But doing so will likely require taking on China, the main buyer of Iranian oil — a difficult task ahead of Trump’s expected September summit with Chinese leader Xi Jinping.<br /> With a US-Canada trade war and Bessent warning of sanctions hitting other members around the table, “it just creates the broader feeling of, could this group fracture?” Lipsky said.<br /> “I think that’s really the challenge for this meeting,” he said.</p>