Treasury chief pushes new Iran sanctions at G20 amid rising tariffs

Treasury Secretary Scott Bessent opened the G20 finance ministers summit in Asheville by unveiling “Operation Economic Outcast,” a strategy that will add another Iranian bank to U.S. sanctions lists. He warned that the Iranian economy could be crippled within weeks or months, though the goal is to compel the regime to alter its behavior. The European Union has pledged strong support for the measures, and Bessent urged other nations to join the effort to isolate Tehran.

The meeting is taking place as U.S. tariff disputes with Canada intensify and the war with Iran continues to push up gasoline costs for consumers. Bessent also highlighted broader agenda items such as deregulation, energy independence, global debt burdens and banking reforms, using the rebuilt city of Asheville—still recovering from Hurricane Helene—as a symbolic setting. He emphasized that all options, including possible actions against China for buying Iranian oil, remain on the table.