Bessent Wins G-7 Partner Plaudits in First Conference Abroad

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(Bloomberg) — US Treasury Secretary Scott Bessent kept a low public profile during this week’s gathering of finance chiefs of the world’s top industrialized nations. But he made a noted impact privately, people involved in the Group of Seven gathering said.

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Soothing nerves rattled by President Donald Trump’s aggressive moves on trade, security and even social issues, the well-traveled former hedge fund manager used charm to offer counterparts a sense they could work with the US Treasury chief on key issues, the people said.

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The business-as-usual vibe carried through to Thursday’s publication of a G-7 communique, after sources briefed on American preparations said earlier in the week the US would only support a joint statement if it aligned with Trump administration priorities.

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During Wednesday night’s official dinner at the resort hotel in the Canadian Rockies — at a restaurant dubbed “a dining sanctuary in the sky” — Bessent was relaxed and even cracked a few jokes, sparking laughter, a person familiar with the exchanges said. Europeans at the reception had the feeling the US is figuratively back in the room and engaging, the person said. 

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Back in February, when the broader Group of 20 held finance and foreign minister sessions in South Africa, US principals weren’t even physically in the room. Bessent and Secretary of State Marco Rubio skipped those meetings. While Rubio attended a G-7 meeting with his counterparts in Canada in March, he avoided several group events.

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That made Banff Bessent’s first attendance at an international conference as secretary. The G-7 had gathered last month in Washington on the sidelines of a spring International Monetary Fund and World Bank conference. During Bessent’s stay in Canada, the White House announced Trump will also attend the G-7 summit in June.

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“The fact that we get along on a personal level is a good foundation for what will undoubtedly be difficult political discussions,” German Finance Minister Lars Klingbeil said. “The fact that we agreed to talk further and that he invited me to Washington is a sign that the conversation wasn’t so bad.”

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Canadian Finance Minister Francois-Philippe Champagne struck similarly positive tones at the closing news conference on Thursday. “We get along well,” he said. “We had discussion on a number of issues. I can tell you the secretary’s contribution was welcomed by all the G-7 colleagues, in particular when we talk about supply chain resiliency.”

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The Treasury Department didn’t immediately respond to a request for comment on Bessent’s reception at the meetings.

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Bank of Canada Governor Tiff Macklem said he encouraged by the fact that Bessent was in Banff for all three days of talks. “He was very engaged and participated a lot. The atmosphere was collegiate and collective. But there is still work to do,” Macklem said at the closing news conference.

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For all the good cheer, however, Trump’s tariffs have riled longstanding American allies, and some participants viewed last month’s selloff in US stocks, Treasuries and the dollar as convincing the administration to scale back its aggression.