Bessent calls on G7 to dismantle Iranian terror financing networks

US Treasury Secretary Scott Bessent has called on G7 nations to assist Washington in combating Iranian terrorism by targeting the financial infrastructure that underpins it. Addressing a conference of the Group of Seven major advanced economies, Bessent urged member states to help "root out the financing that sustains" Iranian terrorist activities.

The diplomatic push comes as the United States seeks greater international coordination to disrupt the economic channels used to fund hostile operations. While specific policy mechanisms were not detailed in the immediate reports from the gathering, the request highlights a continued focus on leveraging global financial systems to enforce security objectives.

The G7 appeal occurs against a backdrop of significant geopolitical activity. Concurrently, US President Donald Trump and Chinese President Xi Jinping have commenced a two-day summit in Beijing, marking the first visit by an American president to China since 2017. The agenda for these high-level talks covers trade, artificial intelligence, and regional security concerns, including the Strait of Hormuz.

Market participants have reacted positively to developments surrounding the US-China engagement. US stock indices rose on Thursday, with the Dow Jones Industrial Average gaining 0.8 per cent, the S&P 500 rising 0.3 per cent, and the Nasdaq Composite climbing 0.2 per cent. Nvidia shares surged more than 2 per cent following news that the US had approved the sale of H200 chips to Chinese firms.

Senior US business leaders, including Elon Musk, Tim Cook, and Jensen Huang, are attending the Beijing summit alongside the presidents. The convergence of diplomatic negotiations and corporate engagement underscores the complex interplay between trade dynamics, technology regulation, and security policy in the current global landscape.