Uploaded August 2026 | Updated September 2026, 3 weeks ago
Treasury Secretary Scott Bessent is meeting with finance ministers of the world’s largest economies this week at a time when the United States has disrupted the international order with aggressive tariffs on major allies and an unpopular war on Iran that is keeping gas prices high for consumers.
As Bessent opened meetings of the Group of 20 finance ministers in Asheville on Monday, he said he wants to focus on ways to grow the global economy and rein in mounting debt. But the event comes after hostilities renewed between the U.S. and Iran, and as trade friction with Canada spiked following a breakdown in negotiations that led to escalating tariffs.
Bessent told The Associated Press in an interview on Sunday that he plans to turn up pressure on Iran by sanctioning another bank, part of what he is calling “Operation Economic Outcast.” He said the administration is prepared to exact “financial violence if we have to.”
Asked by reporters Monday how long it would take for the Iranian economy to collapse, Bessent said: “I think it could be within weeks or months -- and the economy doesn’t have to collapse, we just have to have the regime come to their senses.”
Bessent said the European Union had backed his sanctions efforts with “fulsome support.” On Sunday, the EU said in a statement it welcomes added economic pressure on Iran and will work with the U.S. and other partners to keep the squeeze on Iran.
France’s finance minister, Roland Lescure, told reporters he hopes there will be a global statement from the G20 on an agreed-upon path for economic growth worldwide.
He said the world economy is “a bit like the weather in Asheville -- it’s unpredictable, it’s foggy.”
Daniel Fried, a former assistant secretary of state for European affairs in George W. Bush’s Republican administration, said the U.S. may “find it difficult to rally its usual friends and allies” under the circumstances.
If Bessent and other administration officials want international support, he said, they will need to “take greater care in consulting with allies and partners than the U.S. has shown in recent months.”
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Treasury Secretary Scott Bessent is meeting with finance ministers of the world’s largest economies this week at a time when the United States has disrupted the international order with aggressive tariffs on major allies and an unpopular war on Iran that is keeping gas prices high for consumers.
As Bessent opened meetings of the Group of 20 finance ministers in Asheville on Monday, he said he wants to focus on ways to grow the global economy and rein in mounting debt. But the event comes after hostilities renewed between the U.S. and Iran, and as trade friction with Canada spiked following a breakdown in negotiations that led to escalating tariffs.
Bessent told The Associated Press in an interview on Sunday that he plans to turn up pressure on Iran by sanctioning another bank, part of what he is calling “Operation Economic Outcast.” He said the administration is prepared to exact “financial violence if we have to.”
Asked by reporters Monday how long it would take for the Iranian economy to collapse, Bessent said: “I think it could be within weeks or months -- and the economy doesn’t have to collapse, we just have to have the regime come to their senses.”
Bessent said the European Union had backed his sanctions efforts with “fulsome support.” On Sunday, the EU said in a statement it welcomes added economic pressure on Iran and will work with the U.S. and other partners to keep the squeeze on Iran.
France’s finance minister, Roland Lescure, told reporters he hopes there will be a global statement from the G20 on an agreed-upon path for economic growth worldwide.
He said the world economy is “a bit like the weather in Asheville -- it’s unpredictable, it’s foggy.”
Daniel Fried, a former assistant secretary of state for European affairs in George W. Bush’s Republican administration, said the U.S. may “find it difficult to rally its usual friends and allies” under the circumstances.
If Bessent and other administration officials want international support, he said, they will need to “take greater care in consulting with allies and partners than the U.S. has shown in recent months.”
READ MORE: 13wham.com/search?find=G20
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Stay up to date with our social media:
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13 WHAM Daily Local News Digest: youtube.com/playlist?list=PLuTJB6tta5ar3Fu5CumAvlvVunEP6bc9A
For more information, visit 13wham.com
Have a news tip? Send it directly to us:
Email us: news@13wham.com
Call the Newsroom: (585) 334-8700
WHAM is a NY based station and a ABC Television affiliate owned and operated by Deerfield Media, Inc and receives certain services from an affiliation of Sinclair Broadcast Group. Sinclair Broadcast Group, Inc. is one of the largest and most diversified television broadcasting companies in the country today.
#13WHAM #News #Rochester #NewYork
