As Xi Jinping gathered with the leaders of Russia and Iran, Europe challenged the Trump administration at the G20, offering a split-screen view of a changing world.
Treasury Secretary Scott Bessent is meeting with finance ministers of the world's largest economies this week at a time when the United States has disrupted the international order with aggressive tariffs on major allies and an unpopular war on Iran.
The New York Times said in a statement that denying American journalists access to an event in the U.S. is "not just another disturbing effort by the administration to undermine independent journalism, but a blatant attempt to evade public scrutiny."
The meeting, which China and Russia are attending, is focused on the ongoing economic shock from the war in Iran, which has driven up oil prices globally.
Treasury Secretary Scott Bessent and the Federal Reserve chairman, Kevin Warsh, in Asheville, N.C., before the summit. The International Monetary Fund has projected that global growth will slow this year and that inflation will rise.
"This is going to be financial violence if we have to," Bessent said in the interview. "We are showing people that we know who you are, you know who you are, and this has got to stop."
Under a new rule proposed Friday by the Treasury Department, the Emirati branches of Banque Misr, Egypt's second-largest bank, would be severed from access to the U.S. financial system.
Investors want Kevin Warsh, the Fed chairman, to address inflation, interest rates and the bond market in a major speech. Some worry he won’t say enough.
The relative indifference to the news that the U.S. government now owes $40 trillion demonstrates how drastically the politics of deficit spending has changed.
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