Bessent insists on U.S. leadership in economic institutions despite rising tensions
U.S. Advocates for Significant Reforms at IMF and World Bank
U.S. Advocates for Significant Reforms at IMF and World Bank
Treasury Secretary Urges Changes Amid Concerns Over Global Economic Direction
Treasury Secretary Scott Bessent made a decisive call for significant reforms within the International Monetary Fund (IMF) and World Bank during a speech on Wednesday, highlighting concerns that these institutions have diverged from their intended missions. Speaking at the spring meetings held in Washington, Bessent emphasized that the United States is committed to retaining its influential role in these global economic organizations, despite speculation about potential U.S. withdrawal under the Trump administration.
His remarks follow a worrying downgrade in the global economic growth forecast by the IMF, attributed to disruptive trade policies initiated by President Trump, including heavy tariffs. Economists warn that ongoing trade disputes, particularly between the U.S. and China, could dampen economic output in the near future. Bessent defended the administration’s trade stance, urging China to adopt fairer economic practices, and expressed hope for fruitful trade negotiations with multiple nations to foster a more equitable international trading landscape.
While the prospect of formal conversations between U.S. and Chinese leaders remains uncertain, Trump indicated an expectation of a dialogue with Xi Jinping. As international tensions rise, the call for reform at the IMF and World Bank underscores the urgency for renewed focus on collaboration in global economic governance and development priorities.
His remarks follow a worrying downgrade in the global economic growth forecast by the IMF, attributed to disruptive trade policies initiated by President Trump, including heavy tariffs. Economists warn that ongoing trade disputes, particularly between the U.S. and China, could dampen economic output in the near future. Bessent defended the administration’s trade stance, urging China to adopt fairer economic practices, and expressed hope for fruitful trade negotiations with multiple nations to foster a more equitable international trading landscape.
While the prospect of formal conversations between U.S. and Chinese leaders remains uncertain, Trump indicated an expectation of a dialogue with Xi Jinping. As international tensions rise, the call for reform at the IMF and World Bank underscores the urgency for renewed focus on collaboration in global economic governance and development priorities.
