G20 allies challenge Trump policies over tariffs, Iran war and economic growth

  • Treasury Secretary Scott Bessent promoted President Trump’s economic policies at G20 finance meetings.
  • Representatives criticized tariffs, the Iran war, currency intervention and tensions with Canada.
  • European leaders favor renewable energy and cautious deregulation while pursuing technology competition with America and China.

A Group of 20 finance meeting intended to showcase President Trump’s economic policies instead exposed tensions between the United States and its allies. Treasury Secretary Scott Bessent opened nearly every session in Asheville, N.C., by praising the U.S. economy under President Trump and urging other countries to emulate America. Representatives from Europe, Canada and other friendly nations pushed back over policies they said had damaged their economies, including tariffs and an escalating dispute with Canada, the war with Iran and its effects on energy markets and shipping, and Bessent’s surprise decision last month to sell U.S. holdings of euros to support Japan’s currency. The mostly polite disagreements reflected growing frustration over the administration’s management of the global economy, despite Bessent’s statement that economic growth was a central focus. Cornell University economist Eswar Prasad said traditional U.S. allies at the G20 were publicly at odds with the administration’s priorities. The divide also reflects differing approaches to regulation, artificial intelligence and energy: the Trump administration has reduced regulatory barriers and supported fossil fuels, while European leaders remain more cautious on deregulation and more committed to renewable energy such as wind and solar as they develop technology industries to compete with the United States and China.

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