ASHEVILLE, N.C.—Treasury Secretary Scott Bessent kicked off the ministerial-level G20 gathering of the world’s leading economies in the mountain city of Asheville on Aug. 31, putting economic growth and fair trade at the center of discussions—priorities of President Donald Trump.
In his opening remarks, Bessent said the United States has chosen to focus on issues that are central to why the G20 was created.
“When the G20 first convened in the late ’90s, its mandate was clear: to promote cooperation in pursuit of economic growth,” Bessent said.
“But over the decades, mission creep has knocked the swarm off course. This year, under President Trump, we’re getting back to the basics,” he said.
Under the Trump administration, the United States has removed previous G20 priorities such as climate change and diversity, equity, and inclusion (DEI) initiatives from this year’s agenda, shifting the focus mainly to promoting stronger economic growth and addressing ongoing global trade imbalances.
The United States is hosting this year’s G20, bringing together officials and leaders of the world’s top 20 economies to discuss global economic cooperation.
The G20 summit for finance ministers and central bank governors, hosted by Bessent and Fed Chair Kevin Warsh, is taking place on Aug. 31 and Sept. 1 at the Omni Grove Park Inn in Asheville.
The city, nestled in the Blue Ridge Mountains in western North Carolina, is still recovering from major damage caused by Hurricane Helene in September 2024.
“We chose Asheville because we want to showcase the beauty of the place, but also the resilience of its people,” Bessent said.
“It’s a comeback city, a region tested by disaster responded with its resilience, that has long defined the American experience.”
While the Trump administration has made economic growth the central focus this year, some G20 members continue to view climate change as an important economic priority.
French Economics and Finance Minister Roland Lescure said that prioritizing climate change initiatives “is the way forward” for an economically prosperous Europe.
“I can tell you it’s still a priority for us,” he told reporters on the first day of the summit. “We had extreme heat in France, not once but every month of the summer.”
White House Senior Deputy press secretary Kush Desai, however, said the summit agenda reflects the priorities shared by many member countries and has received positive feedback.
“I think other countries are watching developments in the United States, which has continued to grow and innovate over the past 10 years in ways many peer nations have not,” Desai told The Epoch Times.
China and Global Trade Imbalances
Trade imbalances, particularly trade relations with China and the other G20 economies, are another major focus of the Trump administration at the Asheville summit.
In his opening remarks, Bessent called on G20 countries to tackle large trade imbalances, arguing that many economies suffer because of what he described as the “distorted policies” of certain “privileged countries.”
“A durable global economy cannot rest on beggar-thy-neighbor acts that stifle fair market-based competition,” he said.
The day before the summit, Bessent told Reuters that he would encourage G20 members to reexamine their trade relationship with China, noting that the current flood of Chinese exports was unsustainable.
“The world cannot have a China with a $1.2 trillion trade surplus,” he said.
“In China, the economy is quite weak, and they are trying to export their way out of it, and they need to rebalance their economy,” Bessent added.
Pro-Business Agenda
Beyond trade and economic growth, this year’s agenda includes advancing regulatory reforms, supporting resilient supply chains for critical resources, combating fraud and scams, and promoting financial literacy.
Financial literacy has been a priority for Trump and the Treasury Department, according to Chris Pilkerton, assistant secretary for investment security at Treasury.
In an interview with The Epoch Times, Pilkerton pointed to recent Treasury initiatives, including the recent introduction of Trump Accounts, tax-advantaged investment accounts for U.S. children.
Bessent also said the G20 summit has, for the first time, invited business executives to address barriers to investment and innovation.
Business leaders invited to the summit include JPMorgan Chase CEO Jamie Dimon, Goldman Sachs CEO David Solomon, 3M CEO Bill Brown, Eli Lilly CEO David Ricks, Deere & Co. CEO John May, Medtronic CEO Geoff Martha, and other Fortune 500 executives.
December Summit
Trump is scheduled to host the G20 leaders’ summit in Miami in December at the Trump National Doral Golf Club.
The G20 comprises 19 countries and two regional blocs—the European Union and the African Union.
Member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, and the United States.
Some non-member countries, including Poland, have also been invited to the summit in Asheville.
On the sidelines of the summit, Bessent also met with Russian Finance Minister Anton Siluanov. This was Siluanov’s first in-person appearance at a G20 finance ministerial meeting since the February 2022 invasion of Ukraine.
It remains unclear whether Russian President Vladimir Putin will attend the December summit in Miami. Putin has skipped the annual gathering since 2022.
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