US Treasury Secretary Scott Bessent announced on Wednesday that he will skip next week’s G20 summit in Cape Town, South Africa—a move considered highly unusual given the United States’ pivotal role in shaping global financial and monetary policy. In a post on X, Bessent cited “obligations in Washington” as the reason for his absence, adding that a senior official would attend in his place.
The decision has raised eyebrows, as G20 meetings serve as a key forum for discussions among finance ministers and central bank governors from the world’s largest economies. Sources told Reuters that member countries were informed of Bessent’s decision, with one source suggesting that his absence was due to pressing duties with the president. While it remains unclear if these obligations are linked to a potential summit between US President Donald Trump and Russian President Vladimir Putin—discussions that could address the ongoing conflict in Ukraine—the implications for US influence in the G20 are already drawing criticism.
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The upcoming summit, held under the South African presidency from December 2024 to November 2025, comes at a time when tensions between the US and South Africa have been escalating. Recent remarks by President Trump criticizing South Africa’s land policies and the subsequent cancellation of a trip to Johannesburg by Secretary of State Marco Rubio have further strained relations.
Bessent expressed optimism about meeting his global counterparts at future gatherings of the International Monetary Fund and the World Bank in Washington. However, former senior Treasury official Mark Sobel described the decision as a “huge error,” emphasizing that the summit would have provided a unique opportunity for bilateral discussions with leaders from countries such as China on critical economic issues.