Bessent at G20: Iran feels sanctions, lashing out economically

During the G20 meeting, Treasury Secretary Scott Bessent delivered remarks on Iran and the economy.

• Iran is treating the sanctions with seriousness, Bessent said.
• He added that Iran is resorting to kinetic actions as a result of economic losses.
• The United States will maintain pressure on Iran, he stated.
• Bessent remarked that Iran's economy does not need to collapse; it only needs to come to its senses.
• Real wages are on the rise, according to Bessent.
• The only way to reduce debt is through economic growth, he argued.

Bessent appears to have abandoned cost-cutting measures to reduce the deficit. This implies a move away from lowering interest rates, which would help the deficit, and a full commitment to the economy holding up amid higher oil prices and inflation.