'America first, growth first': Trump Administration unveils pro-market agenda at G20 Summit in Asheville

US Treasury Secretary Scott Bessent opened the proceedings in Asheville, North Carolina--a region he praised as "the comeback city" following its resilient recovery from Hurricane Helene. Setting an assertive tone for the summit, US economic leadership framed domestic economic strength as the indispensable engine of global stability.

The opening sessions centred on global economic developments, with the US delegation declaring an end to "secular stagnation". Echoing recent assessments from Federal Reserve Chairman Kevin Warsh at Jackson Hole, officials noted that several G20 nations aligned with the US focus on removing growth constraints.

The Senior Treasury official said, "Secretary Bessent also reiterated that America First does not mean America alone. It means stronger partnerships built on a stronger America. America has shaped the global economy for 250 years--the next 250 years of American leadership begin with what we build today."

Outlining its agenda, the Administration said its focus remains on four key directives. On domestic growth, the thrust is on accelerating deregulation, expanding energy production, and using tax incentives to boost national savings and revive manufacturing. On global trade reform, the Administration said it will continue to challenge unfair trade practices through reciprocal and sectoral tariffs to correct persistent global imbalances.

Addressing geopolitical risks, the priorities include reopening the Strait of Hormuz, ensuring energy security, and preventing Iran from acquiring nuclear capabilities. And on financial deregulation, the Administration called for easing regulatory burdens on community banks to revive Main Street lending, which has declined following consolidation after 2008.

The senior treasury official said, "The Trump Administration is laser-focused on promoting a strong economy, both in America and globally. And the G20 is a critical forum for addressing shared challenges and opportunities in the global economy. That's why we started today's G20 meeting with discussions about current economic developments and global growth."

As per the official, the morning's meeting emphasised that "America remains the driving force behind the global economy. American capitalism continues to deliver prosperity for our citizens and for the world. The Trump Administration recognises that, in a changing world, growth is the strongest foundation for durable prosperity. That is why promoting stronger economic growth is at the core of the Trump Administration's agenda for America, and America's agenda for the G20."

While acknowledging global risks--most notably security threats and energy disruptions around the Strait of Hormuz--the Administration reaffirmed its commitment to diplomatic and economic measures aimed at guaranteeing global energy flows and curbing nuclear proliferation.

"Several countries did note risks to the global economy, including Iran's closure of the Strait of Hormuz. That's why the Trump Administration is focused on reopening the Strait of Hormuz, pursuing a diplomatic outcome that denies Iran a pathway to a nuclear weapon, and protecting global energy security. It remains our ultimate objective to ensure Iran never acquires a nuclear weapon. Doing so will reduce long-term economic and market volatility, since a nuclear Iran could threaten global energy security with even greater impunity."

The official noted that several countries also talked about the need for an international trading system that is more fair.

"We will have a longer dedicated G20 discussion tomorrow on global imbalances, during which we will emphasise that we are no longer tolerating other countries' unfair trading practices. This has been a major focus of the Trump Administration since day 1," he said.

Speaking about the US tariffs, the official said that such policies were designed to make America's trade relationship "more balanced".

"The Administration is taking action through reciprocal and sectoral tariffs and other policies designed to make America's trade relationship with other countries fairer and more balanced. The Administration has also paired those measures with domestic policies--including tax incentives for investment, energy-production expansion, and spending restraint--to strengthen U.S. production and national saving."

In a departure from traditional G20 formats, the US presidency introduced direct dialogues between C-suite executives and world financial policy leaders.

On financial sector health, Secretary Bessent criticised the post-2008 regulatory regime, arguing that stringent supervision under Dodd-Frank had created a system where community banks have become "too small to succeed."

He said recent regulatory changes -- including the streamlined community bank leverage ratio -- are crucial to unlocking tens of billions of dollars for small business and family lending.

The summit's afternoon tracks brought together leaders in artificial intelligence, advanced manufacturing, healthcare, and digital assets. Private sector delegates echoed the White House agenda, urging international ministers to prioritise competitive tax structures, lower operating costs, and business-friendly regulatory frameworks over restrictive policy interventions.

As the G20 moves into targeted discussions on global trade imbalances, the US delegation maintained that true multilateral cooperation stems from individual national strength. "America First does not mean America alone," Secretary Bessent noted, emphasising that the future of global commerce relies on balanced trade and unhindered innovation. (ANI)