The Secretary of the Treasury, Scott Besent, leveled the harsh criticism in the operations of the World Bank and the International Monetary Fund on Wednesday even when he tried to reassure nerve investors that the United States would maintain their global leadership role.
“The United States first does not mean only the United States alone,” he said in a speech before the International Finance Institute, where he also promised support for the central missions of multilateral banks. “On the contrary, it is a call to a deeper collaboration and mutual respect among commercial partners.”
Althehebessent said that the IM and the World Bank “falls short”, did not ask that the United States retire from the institutions, since some conservatives had legally a proposal of the 2025 project created by the Heritage Foundation.
He said the institutions “fulfill critical roles in the international system. And the Trump administration is anxious to work with them, provided they can stay faithful to their missions.”
It was the last example of how Besent, a former coverage fund manager who closely monitors financial markets, has tried to calm economic agitation when President Donald Trump tries to re -apply international trade through aggressive tariffs. But his efforts to provide clarity have been repeatedly encountered against Trump, who has contradicted him on policy changes or suggested that more rates are being reached in a way that amplified a feeling of uncertainty.
That same drama takes place later on Wednesday, since Trump suggested that he would choose tariff rates if no agreement was reached.
“By the way, if we don’t have an agreement with a company or a country, we will establish the rate,” Trump said from the Oval office. “That will happen, I would say, for the next two weeks … approximately the next two, three weeks we will establish the number.”
The launch of Trump and then the delay of the new tariffs has created uncertainty about their policy objectives, with the president of the United States indicating that both want new agreements and tariff income to reduce income taxes.
“That money will be used to reduce taxes,” Trump said. “We are going to obtain large and large tax exemptions.”
The president of the United States also suggested that import taxes in Canada’s cars could increase. Trump has a 25% tariff on cars, although there are some exemptions related to the American-Mexico-Canada agreement, and automobile manufacturers look for other changes in policies to minimize the tariff. Trump has 25% separate tariff
“I really don’t want Canada cars,” Trump said, “so when I put tariffs in Canada, they are paying 25%, but that could increase in terms of cars. When we put tariffs, all we are doing is that we are,” no “” “” “” “” “” “” “” “” “” “” “
Trump warned that he is currently not considering additional automatic tariffs, but said there could be an increase.
After Bessert’s comments, journalists asked him about an article on the Wall Street Journal that said that the huge US tariffs that the Republican President has imposed on China could be cut in half, citing the family of people not identified with the matter.
Besent said: “I would be surprised if a discussion is happening.” However, he said he hopes that “there will have to be a decalcalación” of the commercial confrontation of Washington and Beijing.
Trump had said Tuesday that 145% rates on China could “lower substance.” And then, on Wednesday, he told reporters that “everyone moves to be part of what we are doing” and “everyone will be happy.”
Later in the day, the White House Press Secretary, Karoline Leavitt, said in “America reports” of Fox News Channel that “there will not be a unilateral reduction in the rates against China.”
“The president has made it clear that China needs to make an agreement with the United States of America,” he said. “And we are optimistic that will happen.”
Even so, Bessert’s speech in Washington represented one side against IM and the World Bank, which provides loans and other financial support worldwide.
He said the Trump administration “will take advantage of the leadership and influence of the United States in these institutions and pushes them to achieve their important mandates.”
Some of Besent’s criticism echoed the efforts of the Trump administration to eliminate the progressive ideology of federal institutions. Besent said the IMF “has suffered the sprinkling of the mission” and “dedicates time and disproportionate resources to work on climate change, gender and social problems.”
He said there were similar problems in the World Bank, which they said “should no longer wait for blank for vapid marketing and fashion words accompanied by half commitments for reform.”
Despite the criticism, Besent’s support for the IMF and the World Bank was a relief for bankers and development analysts, who partially expected an announcement of a retirement from the United States from organizations.
Last October, Jay Shambough, former Secretary of International Affairs of Unders, alluded to a proposal of the 2025 project for the United States to retire from the IM and the World Bank if Trump won the 2024 elections. Shambough said at that time that without the leadership of the United States, “we would have less influence and eliminate these institutions. We cannot afford that.”
Instead, Besent transmitted a message or deepened the participation of the United States with the institutions. But one of the problems, said Besent, is that China is still treated as a developing country, which gives it a more favorable treatment of global institutions. With China as the second largest economy in the world, he said: “It is an adult economy.”
Despite the growing friction between Beijing and Washington, Besent said: “There is an opportunity for a big problem here.”
Bessert wants the United States to increase manufacturing, while China increases consumption, which causes its economy to flood the world with cheap exports. “If you want to rebalance, let’s do it together,” he said. “This is an incredible opportunity.”
Beijing said Wednesday that “exerting pressure is not the correct way to deal with China and simply will not work.”
Posted on April 24, 2025
