Bessent says global growth to top agenda at G20 meeting

U.S. Treasury Secretary Scott Bessent said on Thursday that boosting global economic growth will be the primary focus of a Group of 20 finance chiefs meeting he will host in Asheville, North Carolina, at the end of this month. Bessent emphasized that the world's leading economies, including China, Germany, Japan, and India, need to return to the group's core mission of fostering global growth.

The meeting, scheduled for August 31 to September 1, aims to prepare for a year-end summit in Miami, Florida, to be led by U.S. President Donald Trump. Bessent also called for further economic deregulation, describing the strategy as an American growth agenda for the rest of the world. Additionally, a government debt buyback program announced earlier could be expanded if necessary, as the Trump administration believes current U.S. interest rates do not accurately reflect economic fundamentals.

The Treasury Department has increased the maximum size of buybacks for longer-dated securities from $2 billion to at least $4 billion per operation to counter rising long-term yields. Meanwhile, the United States remains committed to a strong-dollar policy and is prepared to impose the toughest sanctions on Iran in history in response to ongoing tensions.