Bessent backs US financial power as foreign policy tool
Scott Bessent’s comments marked an open acknowledgement of the US' willingness to use its financial power to influence foreign countries’ politics and economies.
US Treasury Secretary Scott Bessent argued on Tuesday for the US to leverage its financial power as a foreign policy instrument to bolster allies, particularly in the Western hemisphere. He cited Argentina as a prime example, highlighting a multibillion-dollar support package aimed at stabilizing its currency and empowering Argentine President Javier Milei ahead of midterm elections.
Bessent's remarks echoed the Trump administration's approach to using US financial resources to influence political and economic affairs in other Latin American countries, including Venezuela and Japan. The Treasury Secretary also revealed the US participation in a rare joint yen-buying intervention with Japan on July 31, aimed at preventing market instability.
Previous administrations have similarly employed tariffs and military interventions as foreign policy tools, sparking debates over their legitimacy and potential for human rights abuses.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Bessent backs US financial power as foreign policy tool freemalaysiatoday.com
