U.S. Treasury Secretary Scott Bessent is set to attend the upcoming G7 finance ministers' meeting in Banff, Alberta, Canada. His goal is to shift the group’s attention toward tackling global trade imbalances and addressing unfair economic practices, according to a Treasury spokesperson.
The G7 includes the U.S., Canada, Japan, Germany, France, the UK, and Italy. Bessent plans to emphasize private-sector-led growth and advocate for reducing U.S. government spending and regulation, arguing the economy has leaned too heavily on public sector support.
This will be Bessent's second engagement with G7 finance leaders, following his first in-person meeting in April during the IMF and World Bank spring sessions. That meeting did not produce a joint statement, although Canadian Finance Minister and G7 chair Francois-Philippe Champagne noted ongoing unity on several fronts despite trade tensions, especially over Trump-era tariffs.
At the same event, Bessent affirmed U.S. support for the IMF and World Bank, encouraging them to return to their primary roles of promoting economic stability and development.
Bessent also wants the G7 to return to core priorities like fixing economic imbalances and countering non-market practices, issues he says impact both G7 and non-G7 nations. Though he didn’t name specific countries, Bessent has repeatedly criticized China’s state-led economic model and government subsidies, arguing they fuel overproduction, threaten global jobs and businesses, and hurt the world economy.
In a recent speech, Bessent stated: "China's export-driven strategy is unsustainable. It's harming not only China but the global economy as well".
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A rare earths agreement between the United States and China will “hopefully” be finalised by Thanksgiving, Treasury Secretary Scott Bessent said in an interview broadcast on Sunday.
U.S. Treasury Secretary Scott Bessent said Thursday that trade relations with China are currently “in a good place,” paving the way for talks focused on rebalancing China’s economy.
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