Treasury chief Bessent tackles trade gaps, Iran sanctions and bond volatility at G20 summit

During the G20 finance ministers' summit in Asheville, North Carolina, Treasury Secretary Scott Bessent pressed the group to address large trade imbalances, promote growth and enforce stricter sanctions on Iran, whose oil sales have been restricted after the war in the Strait of Hormuz. He signaled that nations still dealing with Iranian oil or related transactions could encounter secondary U.S. sanctions, citing recent restrictions on an Egyptian bank with UAE branches.

The meeting unfolded against a backdrop of pending U.S. tariff revisions, a lingering trade dispute with Canada, and soaring commodity prices linked to the Iran conflict. To counteract a spike in 30-year Treasury yields, Bessent announced a doubling of scheduled buybacks to $4 billion per operation, a move that drew criticism from former Wall Street mentor Stanley Druckenmiller. Analysts noted that the forum faces internal divisions, especially over China’s export surge and the broader push to reduce fiscal deficits, while the U.S. seeks to reshape the G20’s agenda under its leadership.