International
US Treasury Chief Bessent Backs Use of Financial Power as Foreign Policy Tool
United States Treasury Secretary Scott Bessent has backed the use of America’s financial strength as a tool of foreign policy, saying Washington can ...
By Wavers Multimedia
Bessent made the remarks during an event at the SMU Cox School of Business in Texas, where he discussed the Trump administration’s approach to using financial policy to influence international affairs.
He said the United States has a foreign policy objective of building stronger alliances in the Western Hemisphere and argued that the country’s financial position can play an important role in achieving that goal.
Bessent pointed to Argentina as an example of how U.S. financial support can be used to pursue broader foreign policy objectives. He highlighted Washington’s support for President Javier Milei’s government and its efforts to stabilise Argentina’s currency.
The Treasury secretary said the United States provided a multibillion-dollar financial package aimed at helping stabilise Argentina’s economy and supporting the government ahead of its midterm elections.
Bessent’s comments reflect a broader approach by the Trump administration in which economic measures, financial assistance and tariffs are being used alongside traditional diplomatic tools to advance U.S. interests internationally.
He also discussed the United States’ recent cooperation with Japan in the currency market. Washington joined Tokyo in a rare intervention to support the Japanese yen, part of efforts to address financial instability and broader economic risks.
The remarks come as the U.S. government continues to increase its involvement in international financial markets while using economic policy to strengthen relationships with countries considered strategically important to Washington.
Bessent’s position signals that the Treasury Department sees America’s financial resources not only as tools for managing the domestic economy but also as instruments that can support the country’s wider foreign policy objectives.
The approach is expected to remain an important part of the administration’s efforts to expand U.S. influence and strengthen alliances, particularly across the Western Hemisphere.