‘America First Does Not Mean America Alone’: Bessent Calls For ‘Deeper’ Trade Relationships

Treasury Secretary Scott Bessent said on Wednesday that the United States is focused on developing deeper trade relationships with nations around the globe as the Trump administration seeks to bring countries to the negotiating table through tariffs.

Bessent spoke at the International Monetary Fund (IMF) and World Bank meetings in Washington, D.C., on Wednesday morning, addressing President Donald Trump’s global trade strategy. The meetings come a day after Bessent said in a closed-door meeting that a prolonged trade war against China is unsustainable.

“I wish to be clear: ‘America First’ does not mean America alone,” Bessent said. “To the contrary, it is a call for deeper collaboration and mutual respect among trade partners. Far from stepping back, ‘America First’ seeks to expand U.S. leadership and international institutions like the IMF and the World Bank. By embracing a stronger leadership role, ‘America First’ seeks to restore fairness to the international economic system.”

.@SecScottBessent: "I wish to be clear: America first does not mean America alone. To the contrary, it is a call for deeper collaboration and mutual respect among trade partners." pic.twitter.com/Nes9sPK993

— Rapid Response 47 (@RapidResponse47) April 23, 2025

Trump administration officials said that more than 100 countries are ready to negotiate with the United States on trade, and the president’s trade team is set to meet with 34 nations this week. China, however, remains a major hurdle for the administration’s trade agenda as Trump and his team still seek to bring China to the table to work out a deal. After Bessent warned against a trade war with China on Tuesday, Trump told reporters that the 145% tariff on Chinese goods would drop.

“It will come down substantially, but it won’t be zero,” Trump added.

Stocks rose on Tuesday following Bessent’s remarks and continue to climb on Wednesday morning. Bessent also addressed trade with China during his speech at the IMF and World Bank conference, saying the country “needs to change” its strategy.

“China, in particular, is in need of a rebalancing,” Bessent said. “Recent data shows the Chinese economy tilting even further away from consumption toward manufacturing. China’s economic system, with growth driven by manufacturing exports, will continue to create even more serious imbalances with its trading partners if the status quo is allowed to continue.”

“China’s current economic model is built on exporting its way out of its economic troubles. It’s an unsustainable model that is not only harming China, but the entire world,” he added. “China needs to change. The country knows it needs to change.”

.@SecScottBessent: "China, in particular, is in need of a rebalancing… China's current economic model is built on exporting its way out of its economic troubles. It's an unsustainable model that is not only harming China, but the entire world. China needs to change." pic.twitter.com/uKcUkhc22r

— Rapid Response 47 (@RapidResponse47) April 23, 2025