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Some Allies Are Pushing Back on Trump’s Economic Approach

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SKIP ADVERTISEMENTYou have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load.Allies Grumble That U.S. Is Hindering Global Economic Growth
At a summit meant to showcase President Trump’s economic policies as a model for the world, Europeans complained about tariffs and the war with Iran.
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Reporting from the Group of 20 finance meetings in Asheville, N.C.
Sept. 1, 2026Nearly every session at the Group of 20 meeting of finance ministers and central bankers in Asheville, N.C., this week began with Treasury Secretary Scott Bessent extolling the state of the U.S. economy under President Trump and urging other countries to be more like America.
America’s allies were not always receptive. At several points, representatives from Europe, Canada and other nations friendly to the United States criticized the administration for moves that they say have hurt their economies.
They voiced displeasure over the war with Iran, which has resulted in disruptions to energy markets and shipping. They also raised Mr. Bessent’s surprise decision to sell U.S. holdings of euros to prop up Japan’s currency last month, and the administration’s escalating war of words and tariffs with Canada.
The disagreements, while mostly polite, reflected a growing frustration in Europe and elsewhere over Mr. Trump’s stewardship of the global economy — and allies’ sense that his policies have in important ways hindered economic growth, the issue Mr. Bessent said the administration was “laser-focused” on.
“Despite U.S. strong-arm tactics, even traditional U.S. allies among the G20 are clearly and publicly at odds with the Trump administration’s priorities,” said Eswar Prasad, a Cornell University economist and former head of the International Monetary Fund’s China division.
Some of the difference is philosophical. Mr. Trump has eviscerated regulatory barriers for businesses, including the booming artificial intelligence industry, and leaned into fossil fuel production. European leaders remain more cautious on A.I. and other deregulation and more committed to a transition to renewable energy sources like wind and solar power, even as they try to nurture their own tech ecosystem to rival America and China.
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