Bessent spoke to the Institute of International Finance as both the International Monetary Fund and World Bank held their spring meetings in Washington. On Monday, the IMF downgraded its forecast of U.S. economic growth to 1.8% this year, a reduction from the 2.7% it estimated as recently as January.

Treasury Secretary Scott Bessent on Wednesday emphasized that the United States is not stepping back from international institutions and wants to collaborate with trading partners. The remarks come after President Donald Trump levied historic tariffs against dozens of countries to rework global trade.