US seeks G20 backing on Iran sanctions amid growing trade tensions

US Treasury Secretary Scott Bessent opened meetings of the Group of 20 finance ministers in Asheville on Monday with a dual agenda: rallying international support for economic pressure on Iran while attempting to smooth over rising trade tensions that have disrupted global commerce.

Bessent indicated the administration plans to intensify financial restrictions on Iran through what officials are calling "Operation Economic Outcast," including sanctions on another Iranian bank. He said the US is prepared to deploy aggressive financial measures if necessary, characterising the approach as "financial violence if we have to" in remarks to The Associated Press.

However, the Treasury chief's push for coordinated action comes at a delicate moment. Recent hostilities between the US and Iran have escalated, while trade negotiations with Canada have broken down, triggering tit-for-tat tariffs that have strained relations with a key ally. The tariff disputes have created friction within the international community just as Bessent seeks consensus on Iran policy.

At the G20 gathering, Bessent plans to emphasise efforts to support global economic growth and manage rising sovereign debt levels. Whether the finance ministers of the world's largest economies will align behind the Iran sanctions agenda, given current tensions over trade policy, remains uncertain.