Trump Administration Faces G20 Pushback Over Economic Policies

During the Group of 20 meeting of finance ministers and central bankers in Asheville, North Carolina, Treasury Secretary Scott Bessent opened most sessions by praising the U.S. economy under President Donald Trump and urging other nations to emulate America’s approach. European, Canadian and other allied delegations repeatedly voiced criticism, citing the war with Iran, a recent sale of U.S. euro holdings intended to support Japan’s currency, and escalating tariff disputes with Canada. The disagreements highlighted a widening rift between the United States and traditional G20 partners over the administration’s economic direction.

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• Scott Bessent — U.S. Treasury Secretary, spokesperson for the Trump administration’s economic agenda.

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• Eswar Prasad — Cornell University economist and former head of the International Monetary Fund’s China division, commentator on the G20 dynamics.

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Bessent described the American economy as robust and framed the United States as a model for growth, emphasizing deregulation, a strong artificial-intelligence sector and expanded fossil-fuel production. In contrast, European leaders stressed caution on AI deregulation and reaffirmed commitments to renewable energy such as wind and solar, arguing that the U.S. stance hampers global economic stability. Canadian officials objected to the “war of words and tariffs” that have strained bilateral trade, while representatives from Iran-related energy markets warned that the ongoing conflict disrupts shipping and energy supplies.

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• “Despite U.S. strong-arm tactics, even traditional U.S. allies among the G20 are clearly and publicly at odds with the Trump administration’s priorities,” — Eswar Prasad

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The friction at the G20 signals potential challenges for coordinated economic policy, especially as allies diverge on technology regulation, energy strategy, and trade practices. Persistent disputes could impede collaborative responses to global financial shocks and slow progress on shared climate and AI initiatives, reshaping the balance of influence among the world’s leading economies.

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