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 has assailed the International Monetary Fund and the World Bank even as he tries to reassure nervous investors the United States will maintain its global leadership role.

Treasury Secretary Scott Bessent said Wednesday that the Trump administration planned to pursue reforms at the International Monetary Fund and World Bank to achieve a more “sustainable international economic system” that better serves the United States and other countries.

The International Monetary Fund says US tariffs and market uncertainty will lead to a significant worldwide slowdown.

President Donald Trump’s unpredictable tariff policy and countermeasures by America’s trading partners will likely deal a heavy blow to economies worldwide, with US prosperity hit particularly hard, the International Monetary Fund warned Tuesday.

The outlook for the US and global economies this year and next has significantly worsened in the wake of the uncertainty President Trump's tariffs have created.