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".
Iran’s Supreme Leader Mojtaba Khamenei warned “foreigners who commit evil” have no place in the Gulf, outlining a “new phas...
A freight train carrying Russian grain and fertiliser has departed Azerbaijan for Armenia, continuing transit flows across the South Caucasus....
China has passed a new law aimed at ensuring its most vulnerable citizens are not left without support....
Tashkent hosted the INMerge Innovation Summit Roadshow, bringing together start-ups, investors and technology leaders to explore the future of Cent...
A European Parliament resolution on Armenia is stirring debate beyond Brussels, with its wording raising concerns in Azerbaijan as peace talks gath...
The Trump administration extended a sanctions exemption on some Russian oil as prices continue to skyrocket in the wake of the U.S.- Israeli war against Iran on Friday (17 April).
Senior officials from the United States and China met in Paris this week for a new round of trade talks, as the world’s two largest economies attempt to manage their economic rivalry and avoid further tensions.
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.
A report published by Minval Politika has raised new questions over alleged efforts by Luis Moreno Ocampo to shape international pressure against Azerbaijan and influence political dynamics around Armenia.
A Pentagon official provided the first official estimate of the cost of the U.S. war in Iran on Wednesday (29 April), telling lawmakers that $25 billion had so far been spent on the conflict, most of it on munitions. Earlier, Donald Trump said that the U.S. had "militarily defeated" Tehran.
Shares in Meta Platforms fell sharply in extended trading on Wednesday after the tech giant raised its annual capital spending forecast by billions of dollars.
Iran’s Supreme Leader Mojtaba Khamenei warned “foreigners who commit evil” have no place in the Gulf, outlining a “new phase” for the Strait of Hormuz, while a senior adviser said U.S. blockade efforts would fail and could trigger confrontation.
The decision by the United Arab Emirates to leave OPEC+ on 1 May has put renewed focus on one of the most influential groups in global energy - and how its decisions can shape oil prices worldwide.
China has passed a new law aimed at ensuring its most vulnerable citizens are not left without support.
China has warned the U.S. that Taiwan will dominate next month’s summit in Beijing, raising pressure on Washington and concern in Taipei over any shift in long-standing American policy.
Shares in Meta Platforms fell sharply in extended trading on Wednesday after the tech giant raised its annual capital spending forecast by billions of dollars.
From Thursday, 1 May, goods from every African country with diplomatic ties to China will be able to enter the Chinese market without paying import duties.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 30th of April, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment