Treasury Secretary Scott Bessent on 31 August opened the G20 finance ministers and central bank governors meeting in Asheville, North Carolina, declaring that the Trump administration was steering the forum back to its founding purpose: promoting international economic cooperation and growth. Bessent outlined five US priorities — growth, financial deregulation, tackling trade imbalances, sovereign debt reform, and financial literacy — that he said would define Washington's stewardship of the G20 process.

Back to Basics: The US Growth Agenda

Bessent argued that the G20 had drifted from its original mandate over the decades. “When the G20 first convened in the late ’90s, its mandate was clear — to promote cooperation and pursuit of economic growth,” he 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.”

Economic growth, he said, was the first and most important priority, requiring abundant resources, clear rules, and strong markets. In a notable first, the United States is bringing private-sector business leaders and G20 policymakers together to jointly identify obstacles to growth and develop reforms to remove them.

Regulatory Reform and Trade Imbalances

The second priority, financial deregulation, drew on a similar logic. “Smart rules preserve competence without smothering initiative,” Bessent said, adding that the G20 was exploring ways to streamline regulatory approaches, reduce unnecessary compliance burdens, protect market integrity, and give businesses the certainty needed to invest and innovate.

On trade, Bessent said finance ministers and central bank governors broadly agreed that addressing excessive global imbalances served the interests of both surplus and deficit countries. He criticised export-favouring policies at the expense of trading partners. “A durable global economy cannot rest on beggar thy neighbour acts that stifle fair market-based competition,” he said. The G20 has directed the International Monetary Fund (IMF) and other international organisations to strengthen their analysis and engagement on imbalances.

Sovereign Debt and Financial Literacy

The fourth priority centred on sovereign debt, particularly in emerging markets and developing economies. Bessent said the objective was to make debt restructuring faster, more transparent, and more predictable — a concern that has grown as several low-income countries face debt distress.

Financial literacy rounded out the five-point agenda. Bessent highlighted the launch of Trump Accounts in the United States, describing them as a vehicle to help young Americans acquire a stake in the economy. “Financial literacy is a foundational skill akin to reading and writing,” he said. He also thanked the European Union and the European Central Bank (ECB) for supporting US economic action against Iran.

Fed Chair Warsh: A 'Hinge Point in History'

Federal Reserve Chairman Kevin Warsh, attending the G20 finance track for the first time since taking office, described the global economy as being at “a hinge point in history.” Warsh said earlier fears of prolonged low growth and insufficient investment no longer reflected current conditions. “Secular stagnation seems like a description of a past long ago,” he said. “The new period is one of secular growth.”

Warsh also pushed back against the once-prevalent theory of a global savings glut, arguing instead that the defining feature of the current moment was a “global investment surge.”

What the G20 Represents

The G20 comprises 19 countries, the European Union, and the African Union. Its members account for roughly 85% of global economic output, more than three-quarters of international trade, and approximately two-thirds of the world’s population. Established in 1999 following a series of financial crises, the forum’s finance track covers global growth, financial stability, international taxation, development financing, and sovereign debt. The Asheville meeting signals how the Trump administration intends to use the remainder of its G20 presidency to reshape multilateral economic norms.