The Trump administration is urging global financial leaders to sever economic lifelines to Iran during an upcoming summit of the world's 20 largest economies.
US Treasury Secretary Scott Bessent will host finance ministers and central bank governors on Monday and Tuesday in the mountain city of Asheville, North Carolina, situated in the Blue Ridge range.
A senior US Treasury official said American officials aim to secure agreements next week across several major priorities, including boosting global economic growth, reducing international trade imbalances, and tackling sovereign debt challenges faced by developing nations.
The senior official confirmed that alongside broader macroeconomic goals, Washington will use the gathering to pressure international counterparts to choke off key financial channels supporting Iran.
Asheville hosting G20 economic summit
The meeting marks a return to full engagement for Washington after the United States chose not to participate in the previous G20 financial summit held under South Africa's presidency last year.
Scott Bessent leads the US Department of the Treasury, the federal executive department responsible for managing federal finances, collecting taxes, enforcing international sanctions, and advising the president on fiscal policy.
The Group of 20 brings together finance chiefs from major advanced and emerging economies to coordinate fiscal strategies and stabilize international markets during times of financial strain.
Economic sanctions and global growth targets
Restricting economic lifelines to target nations generally involves restricting foreign banking access, curbing energy exports, and monitoring cross-border money flows to limit government revenues.
Sovereign debt discussions at international forums address mechanisms for helping lower-income nations manage expanding borrowing costs and avoid debt defaults that threaten broader economic stability.
Efforts to reduce global economic imbalances focus on aligning trade deficits, structural capital movements, and currency valuations among the world's leading commercial powers.
High-level talks in North Carolina
Delegations from member states will convene in Asheville, a regional hub in western North Carolina known for hosting international gatherings in the Blue Ridge Mountains region.
US officials view the upcoming two-day session as a key opportunity to align international economic policy with American strategic and national security objectives.
Discussions will formally begin on Monday as finance ministers and central bank heads outline official policy targets before concluding their sessions on Tuesday.
