Bessent: US Can Act Alone to Isolate Iran

Treasury Secretary Scott Bessent spoke with CNBC's Sara Eisen on 'Squawk on the Street' from the G20 Finance Ministers Meeting in Asheville, North Carolina. Bessent addressed concerns about the Iran conflict and its impact on global markets.

Eisen asked Bessent about the time frame for resolving the Iran conflict, to which he replied that it would depend on when Iran's regime is willing to come to the table. He noted that Operation Economic Outcast and a blockade are putting pressure on the Iranian economy, with food inflation at 100% and gas lines forming.

Bessent emphasized that his goal is not regime change but rather to create conditions for Iran to make a deal. He stated that the US wants Iran to give up its nuclear program, turn over highly enriched uranium, and stop supporting proxies. Bessent also addressed concerns about relying on China's help in isolating Iran, saying that the US can act alone and that China agrees with the need for Iran not to have a nuclear weapon.

In addition to discussing the Iran conflict, Bessent spoke about the US bond market, which he believes is the most resilient in the world. He noted that the 30-year yield has decreased, and the 10-year yield remains flat since President Trump took office. Bessent also discussed his meeting with Kevin Warsh, the Fed chairman, but declined to speculate on potential rate hikes.