Treasury Secretary Scott Bessent opened Group of 20, or G20, Finance Track meetings in Asheville, North Carolina, on Monday, 31 August 2026, urging finance ministers and central bank governors to dismantle government-imposed barriers to economic growth. The United States holds the G20 presidency this year.
Bessent and Kevin Warsh, President of the Federal Reserve, inaugurated the meeting. Christine Lagarde, President of the European Central Bank, is among the finance officials attending.
The Treasury Secretary said the G20 should refocus on driving “stronger and more durable growth”. He said: “Many forces can inhibit economic growth. But policy failures of our own making must no longer be one of them.”
Bessent identified excessive regulatory burdens, poorly designed tax systems, internal market fragmentation, lagging public and private investment, and persistent gaps in workforce mobility as drags on growth. He said growth should be “based on the abundance of our resources, the clarity of our rules, and the strength of our markets.”
He presented the Trump administration’s domestic policy approach as a model for foreign counterparts. The administration said it achieved a 129-to-1 reduction ratio of existing regulations eliminated for every new one issued over the past year. Its initial goal had been to eliminate 10 existing regulations for every new one issued.
Bessent said he wanted the meeting to focus on ways to grow the global economy and rein in mounting debt. Kristalina Georgieva, managing director of the International Monetary Fund, cited the US model as an example of effective policy.
The meetings take place as the United States has disrupted the international order with aggressive tariffs on major allies. Trade friction with Canada rose after negotiations broke down and led to escalating tariffs.
Hostilities have also renewed between the US and Iran. The United States is involved in an ongoing war in Iran described as controversial, which continues to elevate gas prices for American consumers. The brief does not set out details of the conflict or a path towards its resolution.
The wider disputes may complicate efforts to find a shared G20 approach to growth, deregulation and debt. The brief does not specify whether the ministers are expected to reach an agreement, how other members will respond to Bessent’s proposals, or whether tariff issues will be negotiated during the meetings.
The gathering is being held in Asheville, which was devastated by Hurricane Helene in September 2024. White House senior deputy press secretary Kush Desai said the president has added tens of thousands of factory construction jobs.
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