Finance ministers from the world’s largest economies are meeting in North Carolina on Monday and Tuesday, with trade disputes, rising energy prices and Washington’s campaign to isolate Iran threatening to dominate proceedings.
The gathering is the first in a series of G20 meetings hosted by the United States this year. It is taking place at a resort beside a golf course in Asheville, at the foot of the Appalachian Mountains.
Washington sets out economic priorities
US Treasury Secretary Scott Bessent, who is from neighbouring South Carolina, is expected to lead the discussions alongside Federal Reserve Chair Kevin Warsh.
The United States currently holds the G20 presidency and wants the talks to focus on measures to stimulate economic growth, reduce regulation and address what it describes as imbalances in global trade.
However, geopolitical and trade tensions are expected to feature prominently, including the war in the Middle East launched by the United States more than six months ago. The conflict has contributed to an international energy crisis and higher prices.
Bessent has also overseen a wide-ranging sanctions campaign against Iran, after US military action failed to force Tehran to change course.
The Treasury secretary recently warned countries that continue trading with Iran that they could be excluded from the Western financial system. According to the US Treasury Department, Bessent will reiterate Washington’s position on Iran during the Asheville meeting.
Tariffs complicate negotiations
Trade policy is another potential source of disagreement.
Despite a Supreme Court ruling that struck down a significant part of the US tariff programme, the Trump administration has not abandoned tariffs as an economic tool. Washington has also become involved in a trade dispute with Canada, a member of both the G20 and G7.
“Now that it is in a trade war with Canada, there is no unity in the G7. And without unity in the G7, it is difficult to go into the G20 and have delicate conversations,” Josh Lipsky, a senior fellow at the Atlantic Council, told AFP.
He said most countries were likely to listen respectfully to the US authorities but remain cautious because of the macroeconomic implications, including inflation, rising borrowing costs and higher interest rates.
The G20 was established following the 1997-98 Asian financial crisis to promote global economic and financial stability. It brings together 19 countries and two regional organisations, the European Union and the African Union.
South Africa excluded and Brazil lowers representation
South Africa has been excluded from this year’s meetings following a decision by the Trump administration.
US President Donald Trump has accused the South African authorities, without providing evidence, of persecuting white landowners and has described the situation as a “genocide”.
Brazil, whose relations with Trump have also been strained, has not sent its finance minister to the meeting. The country is led by left-wing President Luiz Inácio Lula da Silva.
Poland, which is not currently a G20 member, was invited by Washington to participate in all the discussions, against the background of the Eastern European country’s economic growth.
Russia is expected to be represented by an envoy from its Foreign Ministry.
A European official, speaking on condition of anonymity, expressed frustration that Russia had not been excluded from the G20 despite its war against Ukraine, which began in 2022.
Putin attends Shanghai Cooperation Organisation events
Russian President Vladimir Putin is expected to be in Bishkek, the capital of Kyrgyzstan, on Monday and Tuesday for events marking the 25th anniversary of the Shanghai Cooperation Organisation.
Iranian President Masoud Pezeshkian, Indian Prime Minister Narendra Modi and Chinese President Xi Jinping are also expected to attend.
The organisation, which has 10 member states, seeks to act as a counterweight to Western influence and places particular emphasis on security alongside economic cooperation.
Major US outlets denied accreditation
Accreditation applications from journalists working for several leading US media organisations were rejected, according to the outlets concerned.
Bloomberg received no accreditation passes, a representative told AFP on Saturday evening. The financial news organisation described the decision as “an attack on press freedom and transparency”.
The New York Times also reported that its Treasury correspondent had not been accredited to cover the meeting.
The US Treasury Department said it had granted accreditation to almost 300 media workers and expected them to report “the facts” rather than produce “sensational” coverage.
The cycle of G20 meetings is due to conclude in mid-December with a summit of heads of state and government in Florida. The meeting is scheduled to take place at a luxury golf resort owned by Trump.
Source: AMNA
