Bessent to Champion Market Economies at G7 Summit

U.S. Treasury Secretary Scott Bessent will attend the G7 finance leaders' meeting in Canada, focusing on trade imbalances and non-market practices. He proposes re-privatizing the U.S. economy by reducing government control. Bessent has also criticized China's non-market economic policies, suggesting they harm global jobs and economies.

U.S. Treasury Secretary Scott Bessent is set to join the G7 finance leaders in Banff, Alberta, to drive discussions on trade imbalances and non-market economic practices.

Bessent aims to promote growth by enhancing private sector involvement, advocating for reduced government intervention in the U.S. economy. His stance was first shared during April's IMF and World Bank meetings.

Canadian Finance Minister Francois-Philippe Champagne confirmed that the G7 remains cohesive despite trade tensions, and welcomes Bessent's commitment to revitalizing the IMF and World Bank. Bessent has openly criticized China's economic strategies, warning of their adverse global impacts.

(With inputs from agencies.)