US Treasury Secretary Bessent Criticizes IMF and World Bank, Sees Opportunity for Major China Deal
On April 23, 2025, U.S. Treasury Secretary Scott Bessent criticized the IMF and World Bank for mission creep and called for reforms. He emphasized the need for economic rebalancing with China, suggesting potential trade negotiations. His remarks come amid global economic uncertainty and discussions on U.S. leadership in international institutions.
hassan benyoub 
Washington, D.C. – On April 23, 2025, U.S. Treasury Secretary Scott Bessent sharply criticized the International Monetary Fund (IMF) and World Bank, accusing them of "mission creep" during a speech at the Institute of International Finance. Bessent also highlighted an "opportunity for a big deal" with China, signaling potential trade negotiations amid ongoing economic tensions, a move that could reshape global trade dynamics.
Bessent’s Critique of IMF and World Bank
In his address, Bessent accused the IMF and World Bank of straying from their core missions. He urged the IMF to refocus on global monetary cooperation and financial stability with stringent lending standards, while calling on the World Bank to prioritize energy access and development, particularly praising its recent decision to support nuclear energy, as reported by The New York Times. Bessent also criticized the World Bank’s classification of China as a developing country, arguing that China’s economic rise necessitates a shift in its global role, per POLITICO.
Opportunity for a Significant Deal with China
Bessent emphasized the need for economic rebalancing, stating, “China needs to change. The country knows it needs to change. Everyone knows it needs to change.” He defended the Trump administration’s tariffs as a necessary response to China’s “globally distortive” economic practices, but also expressed openness to a major trade agreement, noting there would need to be a “de-escalation” in the U.S.-China trade war, according to CNBC. This potential “big deal” could address longstanding trade imbalances, though Bessent expressed surprise at reports of tariff cuts, as noted by The San Gabriel Valley Tribune.
Context Amid Global Economic Concerns
Bessent’s remarks come at a time of heightened economic uncertainty, with the IMF downgrading global growth forecasts on April 22, 2025, due to the impact of Trump’s tariffs, as reported by POLITICO. The Trump administration’s stance on international institutions has raised concerns about a potential U.S. withdrawal from the IMF and World Bank, though Bessent reaffirmed a commitment to U.S. leadership in these organizations, per Quartz. His critique aligns with broader tensions between the U.S. and other shareholder nations over issues like climate change and economic equity.
Implications and Reactions
The Treasury Secretary’s comments have sparked debate on platforms like X, with users divided over the feasibility of a U.S.-China trade deal and the proposed reforms for the IMF and World Bank. Some conservatives advocate for withdrawing from these institutions, but Bessent’s focus on reform suggests a more nuanced approach, as noted in Reuters. The potential for a “big deal” with China could ease trade tensions, but it also raises questions about the concessions the U.S. might offer, given the administration’s hardline stance on tariffs.
Looking Ahead
Bessent’s speech underscores the Trump administration’s push to reshape global economic institutions and address trade imbalances with China. As discussions continue, the outcome of any potential deal with China and the proposed reforms for the IMF and World Bank could have far-reaching implications for the global economy, U.S. foreign policy, and international cooperation.
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