United States Treasury Secretary Scott Bessent delivered a sweeping defense of the Trump administration’s economic and trade agenda during remarks at the Institute of International Finance (IIF) Global Outlook Forum. He emphasized that 'America first doesn't mean America alone,' and called for deeper international cooperation based on fairness and mutual respect. Bessent asserted that the United States is acting to rebalance global commerce and restore equity in the international economic system.

In comments directed at China, Bessent urged Beijing to shift its economy toward domestic consumption, reducing its dependency on exports. 'China needs to change, it knows it needs to change, and we want to help it change,' he said, highlighting the opportunity for a 'big deal' between the two countries if such reforms are embraced. He warned that continued imbalance from China’s trade practices would be harmful to the global economy.

Bessent also noted President Donald Trump’s influence on international fiscal policies, crediting his administration’s tariffs for compelling Germany to increase its spending. 'A succession of European leaders tried to achieve this, but Trump made it happen,' he said. Bessent praised Germany's new fiscal package, describing it as a combination of economic stimulus and burden-sharing for continental defense. 'Economic security is national security, and national security is economic security,' he added.

Turning to energy policy, Bessent applauded the World Bank’s recent move to reconsider its prohibition on nuclear energy support. He stated that lifting the ban could 'revolutionize energy supply for many emerging markets' and urged the bank to remain technology-neutral, prioritizing affordability and access to reliable baseload generation. 'Energy abundance sparks economic abundance,' he declared.

Bessent also commented on the rising strength of the euro and the suggestion that it could become the world’s second reserve currency. While acknowledging its recent appreciation, he warned it places pressure on export economies and reaffirmed confidence in the dollar’s continued dominance in global markets.