Treasury Secretary Scott Bessent will not attend the upcoming meeting of finance ministers and central bankers from the Group of 20 nations in Cape Town, according to sources familiar with his plans. This decision highlights the growing rift between the United States and South Africa over policies that the Trump administration perceives as anti-American.
The choice to skip such a significant economic gathering is unusual for a Treasury secretary, especially one recently confirmed to the position just three weeks ago. This decision comes at a crucial time for the global economy, as the United States is poised to impose tariffs on nearly all of its trading partners. Additionally, President Trump is pursuing closer economic ties with Russia, a nation that the U.S. previously aligned against with Western allies.
Bessent's decision follows a boycott by Secretary of State Marco Rubio of a similar meeting of foreign ministers in Johannesburg, where Rubio expressed his intention to avoid “wasting taxpayer money or coddling anti-Americanism.”
President Trump has indicated a preference for bilateral negotiations over multilateral meetings like the G20, which this year has a theme of “solidarity, equality, sustainability.” The administration views this theme as conflicting with its stance on climate change and diversity policies.
This gathering would have marked Bessent’s first opportunity to engage with global counterparts and discuss key financial issues with officials from Europe, China, and Russia.
Mark Sobel, a former Treasury Department official, criticized the decision to skip the meetings, calling it a “colossal mistake.” He emphasized that such forums provide a platform for the Trump administration to articulate its global priorities and discuss pressing economic issues, including exchange rates.
Sobel remarked, “The Trump administration and Scott Bessent are thumbing their noses at the international economic and financial system. That will not make America greater or safer.”
The G20 was established in 1999 following the Asian Financial Crisis to facilitate discussions among finance ministers and central bankers on international economic matters and financial stability.
Recent G20 meetings have been strained due to tensions between Russia and Western allies over the ongoing war in Ukraine. However, the Trump administration has indicated it plans to adopt a different strategy regarding Russia in its negotiations to resolve the conflict.
This week, President Trump suggested that Ukraine might bear some responsibility for Russia’s invasion and referred to Ukrainian President Volodymyr Zelensky as a “Dictator without Elections” on social media.
Bessent's decision not to attend the meetings is likely to disappoint South African officials, who had anticipated his presence. An official from South Africa’s Department of International Relations and Cooperation had previously announced that the Treasury secretary was expected to attend.
A spokeswoman for Bessent declined to comment on the matter. However, a source indicated that Bessent remains in regular contact with his international counterparts and has chosen to remain in the United States next week to focus on domestic issues. A senior Treasury official will attend the meetings in his stead.
The diplomatic tensions between the United States and South Africa have emerged as a significant development this year. Earlier, President Trump ordered the cessation of all foreign assistance to South Africa and stated that his administration would prioritize the resettlement of white “Afrikaner refugees” in the U.S. due to actions taken by the South African government that he described as “racially disfavored landowners.”
Trump’s comments were in response to the Expropriation Act signed into law by South African President Cyril Ramaphosa, which repeals an apartheid-era policy and permits the government to acquire privately held land without compensation under certain conditions, following a justification process subject to judicial review.