Bessent heads to G20 to discuss economic growth and addressing debt amid tensions with Iran, Canada

The G20 meetings come as Bessent seeks support from other countries to help the U.S. isolate Iran economically in order to force its capitulation during a war that's lasted more than six months.

By Kevin Killough

Published: August 31, 2026 10:11am

Updated: August 31, 2026 10:21am

Treasury Secretary Scott Bessent will host meetings of the Group of 20 finance ministers in Ashville, North Carolina, on Monday and Tuesday.

Bessent and Federal Reserve Chairman Kevin Warsh opened Monday's gathering with statements about growth and debt, CNBC reported.

“The world is awash in debt, and the only way for us to get out of this is to grow our way out of this," Bessent told reporters before the start of the two-day meeting.

The event comes shortly after renewed hostilities between the U.S. and Iran, as well as a breakdown in negotiations with Canada, which led to escalating tariffs. Bessent is seeking support from other countries to help the U.S. isolate Iran economically in order to force its capitulation during a war that's lasted more than six months.

Daniel Fried, a former assistant secretary of state for European affairs in the George W. Bush administration, told the Associated Press that, under the circumstances, the U.S. may find it challenging to rally friends and allies.