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.
At least 47 people have died and another 21 are reported missing following ten days of heavy rainfall, floods, and landslides across Sri Lanka, local media reported on Thursday (27 November).
Hong Kong fire authorities said they expected to wrap up search and rescue operations on Friday after the city's worst fire in nearly 80 years tore through a massive apartment complex, killing at least 128 people, injuring 79 and leaving around 200 still missing.
U.S. Secretary of Defense Pete Hegseth visited sailors aboard the USS Gerald R. Ford aircraft carrier in the Latin American region on Thursday, amid a military buildup by President Donald Trump’s administration that has heightened tensions with Venezuela.
At least 153 people have been killed in Sri Lanka after landslides and flooding caused by Cyclone Ditwah, officials said on Saturday, with 191 others missing and more than half a million affected nationwide.
The Spanish agricultural sector has been placed on high alert following the confirmation that African Swine Fever (ASF) has resurfaced in the country for the first time in over thirty years.
U.S. President Donald Trump said on Saturday that the airspace above and surrounding Venezuela should be considered "closed in its entirety", but gave no further details.
China announced a sweeping inspection of fire-safety standards in high-rise buildings nationwide on Saturday after a deadly fire in Hong Kong left at least 128 people dead.
The death toll from floods and landslides following cyclonic rains in the Indonesian island of Sumatra has risen to 303, the head of the country's disaster mitigation agency said on Saturday, up from a previous figure of 174.
Hong Kong on Saturday mourned the 128 people known to have died in a massive fire at a high-rise apartment complex, a toll that is likely to rise with 150 still missing days after the disaster.
The global recall of Airbus A320 aircraft has triggered widespread disruption across several major airlines, forcing flight cancellations in the United States, Japan, Australia and New Zealand.
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