Scott Bessent told finance leaders that “America first does not mean America alone” in a bid to heal the worldwide rifts caused by Donald Trump’s first 100 days in office.
The treasury secretary said Tuesday that the president was not a “trained diplomat” but was simply looking for a “beautiful rebalancing” of world trade after his chaotic tariffs sparked tumult on Wall Street and left the United States increasingly isolated.
Bessent insisted that “America first” was about seeking to restore balance to international trade.
Despite criticizing the IMF and World Bank, he also said the U.S. is committed to both institutions.
After weeks of threats and intimidation, the speech appears to foreshadow a major sea change in the administration’s approach after Trump’s sudden change of tone on Tuesday evening, when he played down his administration’s trade feud with China and said he wasn’t planning to fire Federal Reserve Chairman Jerome Powell.
This story is developing and will be updated.
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