Iran pressure could turn within months, Bessent says

US Treasury Secretary Scott Bessent said Monday that Washington would keep economic pressure on Iran and that a turning point in the campaign could come “within weeks or months” as G20 finance leaders opened talks in Asheville, North Carolina.

Bessent told reporters that the United States was “going to continue exerting pressure” and had already held “very good discussions” at the meeting of Group of 20 finance ministers and central bank governors. He said Iran's economy did not need to collapse in the Middle East war for the pressure campaign to achieve its aim.

President Donald Trump's administration is seeking support from G20 partners to increase economic pressure on Iran during the talks, which run through Tuesday. The meeting opened after a renewed exchange of fire between the United States and Iran.

The European Union urged “continued diplomatic efforts” toward a peace settlement. It said it welcomed efforts to ensure Iran stops its “destabilizing activities” and engages in peace negotiations in good faith, including through US-led economic pressure.

French Finance Minister Roland Lescure said officials would listen to the US plans. “The US have got a view on how to enhance sanctions. We're going to discuss with them whether we can help on that front,” he told reporters.

The talks are also being shaped by Trump's trade disputes and questions over whether the G20 can still work together on major economic challenges. G7 finance ministers are expected to meet on the margins of the Asheville talks.

Canadian Finance Minister Francois-Philippe Champagne said Canada was “ready to discuss” and stressed the need to support growth and restore stability in trade.

Washington holds the rotating G20 presidency this year. The United States has excluded South Africa from the group this year and invited Poland to take part, although Poland is not a permanent G20 member. A Russian representative is participating, and a European official speaking on condition of anonymity expressed disapproval that Moscow was not excluded while Russia remains at war with Ukraine after its 2022 invasion.

US priorities this year include economic growth, global imbalances and sovereign debt challenges. A US official said last week that discussions would seek to discourage policies that push excess production into global markets.

Some reporters from major US newsrooms, including The New York Times and Bloomberg News, were not granted credentials for the gathering. A Treasury spokesperson said nearly 300 media representatives from about a dozen countries would be welcomed.

Business leaders, including JPMorgan chief executive Jamie Dimon, are also attending G20 discussions on barriers to investment, innovation and productivity. The G20 comprises 19 nations plus the European Union and the African Union.