Bessent rallies support for Trump agenda at G20

Bessent rallies support for Trump agenda at G20

Treasury Secretary Scott Bessent hosted economic officials from around the world in Asheville, N.C., this week, seeking to rally support for the Trump administration’s financial agenda regarding Iran and China.

During the Group of 20 (G20) finance summit, Bessent touted the Treasury Department’s beefed-up sanctions on the Islamic Republic and downplayed rising bond yields in the U.S. and globally.

Here are some key takeaways from the gathering:

Chinese officials object to guidance on cheap exports

Going into the two-day summit, Bessent said he planned on encouraging foreign finance ministers and central bank governors to reduce their country’s reliance on Chinese goods.

In his role as chair of the summit, Bessent issued a Tuesday statement arguing that “excessive and persistent” trade imbalances “pose risks” to the global economy.

Representatives from 19 of the G20 countries signed on to the statement, with the Chinese delegation alone in dissenting. The statement’s appendix noted Chinese officials objected to the section on trade imbalances, among other portions.

The summit began a week after the Treasury unveiled new sanctions on the Iranian regime and its benefactors, with Bessent seeking to rally G20 nations to back his economic campaign.

“We are telling people, either you are with us, or against us,” he told Fox Business’s Larry Kudlow, a former economic official from Trump’s first term, on Tuesday.

The Treasury’s recent actions against Iran included sanctioning nearly 60 entities, individuals and vessels that “enable the Iranian regime’s recklessness” — including its illicit nuclear missile and technology procurement, cyber operations and oil-revenue generation networks.

Bessent downplays concerns about bond market

The summit came amid the backdrop of rising bond yields around the world, as mounting government debt and persistent inflation have raised concerns among investors.

The 10-year U.S. Treasury bond yield reached a high of 4.818 percent on Wednesday, a peak not reached since October 2023. Bond yields are also surging in France, Japan and the U.K., among other economic powers.

Bessent on Tuesday sought to alleviate concerns about the bond market, saying rising yields are a “growth story.”

The Hill’s Max Rego has the latest here .

Welcome to The Hill’s Business & Economy newsletter , I’m Julia Shapero — bringing you the latest on the intersection of Wall Street and Pennsylvania Avenue.

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Key business and economic news with implications this week and beyond:

The White House defended President Trump’s decision to temporarily suspend higher tariffs on ground beef imports amid a report that a Brazilian billionaire influenced the decision.

The federal government and the NBA are investigating video display and scoreboard manufacturer Daktronics in connection with a scandal involving the Los Angeles Clippers in which the club allegedly circumvented the league’s salary cap to sign star player Kawhi Leonard.

Commerce Secretary Howard Lutnick claimed Wednesday that data centers “don’t use water” despite the facilities’ significant water usage raising concerns for communities that may host them.

In an effort to lower beef prices, President Trump announced last month that thousands of additional tons of beef will be allowed into the U.S.

Upcoming news themes and events we’re watching:

The Bureau of Labor Statistics releases its August jobs report Friday at 8:30 a.m. EDT.

Branch out with more stories from the day:

Chevron announces deal to expand its oil production in Venezuela

Chevron announced early Wednesday that it has reached an agreement to expand its oil production in Venezuela.

Business and economic news we’ve flagged from other outlets:

Winter is approaching and Europe is running low on natural gas ( Wall Street Journal )

Southwest to launch first-ever airport lounges to broaden premium appeal ( Reuters )

Dan Driscoll broke his silence late Tuesday, announcing that his last full day as Army secretary will be Wednesday, but he did not offer a reason for why he is resigning from the post he has held for 18 months. Read more

George Clooney is ripping Pete Hegseth and questioning his “sense of decency” after the Defense secretary appeared to poke fun at Canada’s military in a social media post. Read more

Opinions related to business and economic issues submitted to The Hill: