(AP) – Treasury Secretary Scott Bessent is bringing a message of economic growth, energy independence, and financial stability to the world’s largest economies this week, as the United States works to strengthen its position on trade, national security, and global debt.

Bessent is hosting meetings of Group of 20 finance ministers Monday and Tuesday in Asheville, North Carolina. The gathering comes as President Donald Trump’s administration presses allies and economic partners to help confront Iran, reopen the Strait of Hormuz, and prevent Tehran from developing a nuclear weapon.

The administration has also imposed aggressive tariffs on major trading partners, including Canada, as negotiations over trade and economic policy have broken down. At the same time, renewed hostilities with Iran have kept pressure on global energy markets and contributed to higher gas prices for consumers.

Bessent says the meetings will focus on areas where countries can find common ground, including economic growth, banking regulation, global financial imbalances, and debt relief for developing nations.

“The world has this mountain of debt, and we do have to grow our way out of it,” Bessent told The Associated Press.

He is also using the gathering to encourage other nations to support the administration’s strategy of applying economic pressure to Iran. The Treasury Department plans to impose sanctions on another Iranian bank, and Bessent says the United States is prepared to use what he called “financial violence if we have to.”

President Trump has warned Iran’s trading partners that they could face consequences for continuing to do business with Tehran. China, the largest buyer of Iranian oil, is a particular focus. Bessent said all options remain on the table, including possible sanctions against Beijing.

He rejected criticism that the administration is unwilling to confront China, calling that claim “a completely false narrative that the media picked up on.” Bessent said Washington and Beijing agree on the importance of reopening the Strait of Hormuz and preventing Iran from obtaining a nuclear weapon.

Some former U.S. officials say the administration may face challenges persuading traditional allies to support its approach. Daniel Fried, a former assistant secretary of state during the George W. Bush administration, said the United States will need to consult more closely with partners.

The Trump administration argues that a tougher negotiating posture is necessary to protect American workers, strengthen national security, and secure better outcomes for the United States.

Asheville provides a symbolic setting for the talks. The city was devastated by Hurricane Helene in September 2024, a disaster that killed more than 250 people and caused nearly 80 billion dollars in damage across Florida and the Carolinas.

Bessent says the community’s recovery reflects the resilience and rebuilding that he wants the global economy to achieve through deregulation, energy independence, and growth.

PHOTO- Treasury Secretary Scott Bessent speaks during an interview with The Associated Press in Asheville, N.C., Sunday, Aug. 30, 2026. (AP Photo/Gerald Herbert)