U.S. Treasury Secretary Scott Bessent announced on X that he will miss next week’s G20 finance ministers and central bank governors' meeting in Cape Town due to obligations in Washington. A senior official will attend in his place.
The absence of a U.S. Treasury secretary from a G20 summit is rare, as the U.S. often plays a leading role in shaping global financial policies. Bessent stated he looks forward to meeting global counterparts at upcoming IMF and World Bank events in Washington.
Sources suggest his absence may be linked to duties with President Donald Trump, potentially related to a proposed summit with Russian President Vladimir Putin to discuss ending the Ukraine war. The White House and Treasury Department have yet to comment.
South Africa, currently holding the G20 presidency, has seen rising tensions with the U.S. following Trump’s criticism of its land policies. He claimed land was being confiscated and certain groups were mistreated. The White House later announced plans to resettle white South African farmers as refugees.
In response, U.S. Secretary of State Marco Rubio canceled his scheduled visit to Johannesburg for the G20 foreign ministers’ meeting.
Experts view Bessent’s absence as a missed opportunity for high-level economic discussions, particularly with China, on key issues like tax policy and exchange rates. Mark Sobel, U.S. chair of the OMFIF think tank, called the decision a significant error.
The G20, which includes the U.S., China, and Russia, plays a crucial role in addressing global economic challenges, from inflation to trade conflicts. The U.S. is set to assume the G20 presidency next year.