Days after Scott Bessent dazzled JP Morgan with closed-door comments (aka not Main Street) that the tariff standoff with China is unsustainable, the US Treasury Secretary is set to deliver comments on Wednesday at the IIF Global Outlook Forum regarding the state of the global financial system as the Trump administration seeks to tamp down rhetoric over China.
According to a copy of Bessent's prepared remarks, he is set to tell the IIF that "America First does not mean America Alone," and that the International Monetary Fund must prioritize economic and financial sustainability. He is calling for IMF and World Bank reforms after "mission creep," i.e. non-economic goals such as climate change and social justice, but that the Trump administration wants to work with them.
"Going forward, the Trump Administration will leverage U.S. leadership and influence at these institutions and push them to accomplish their important mandates," Bessent said, adding "The United States will also demand that the management and staff of these institutions be accountable for demonstrating real progress."
