Treasury Secretary Challenges Global Institutions, Advocates for Deeper US Involvement

Treasury Secretary Scott Bessent criticized the World Bank and IMF's operations while affirming US global leadership. He advocated for deeper collaboration among trade partners and maintained support for the institutions' core missions. Despite speculation of tariff changes, Bessent urged for a balanced US-China relationship in global trade dynamics.

In a recent address, Treasury Secretary Scott Bessent delivered sharp criticism toward the operations of the World Bank and the International Monetary Fund, while reassuring investors of the United States' continued global leadership role.

Bessent, speaking at the Institute of International Finance, stressed that 'America first does not mean America alone,' instead advocating for deeper collaboration among international trade partners. While acknowledging the IMF and World Bank's shortcomings, he underscored their critical roles in the global system and expressed eagerness for the Trump Administration to work closely with them.

Amid discussions about possible tariff reductions on China, Bessent downplayed such possibilities despite acknowledging a necessary de-escalation in US-China trade relations. While criticizing the global institutions, Bessent reiterated the importance of US involvement and cautioned against underestimating China's economic position, urging collaboration for mutual benefit.

(With inputs from agencies.)