U.S. Treasury Secretary Scott Bessent on Wednesday issued pointed criticism of the International Monetary Fund (IMF) and World Bank, calling their current operations inadequate while insisting that America remains committed to global economic leadership.
In a speech to the Institute of International Finance, Bessent emphasized:
“America first does not mean America alone… It is a call for deeper collaboration and mutual respect among trade partners.”
While acknowledging the IMF and World Bank are “falling short,” Bessent made clear that the U.S. has no intention of withdrawing from the institutions — a move proposed by some conservatives aligned with the Heritage Foundation’s Project 2025 initiative.
“These institutions serve critical roles in the international system,” Bessent said. “The Trump administration is eager to work with them — as long as they stay true to their missions.”
A former hedge fund executive, Bessent has frequently acted as a stabilizing force amid rising economic volatility caused by President Donald Trump’s aggressive tariff policies. But his efforts to bring clarity often clash with Trump’s unpredictable trade stance.
That conflict was evident later the same day when Trump hinted at imminent tariff decisions, stating:
“If we don’t have a deal with a company or a country, we’re going to set the tariff… over the next two, three weeks we’ll be setting the number.”
Such statements have added to market uncertainty, as Trump continues to toggle between pursuing trade deals and increasing tariffs, claiming the additional revenue could support domestic tax cuts.
The administration’s mixed messaging has left analysts and international partners questioning the future direction of U.S. trade and global economic policy — with Bessent positioned as the key figure navigating those turbulent waters.
