US treasury chief Bessent backs using US financial power as foreign policy tool
Bessent said the Treasury can back allies and intervene in markets to shape foreign politics and economies, citing Argentina and Japan.
- On Tuesday, Treasury Secretary Scott Bessent advocated for using U.S. financial power as a foreign policy tool, stating, "I believe that I can use the balance sheet of the U.S. for foreign policy."
- The Trump administration has actively sought to sway political contests across Latin America, aiming to increase U.S. presence and influence in the region. President Donald Trump casts these efforts as necessary to counter drug trafficking and illegal immigration.
- Bessent cited past interventions, including a multibillion-dollar support package for Argentina last year and a joint yen-buying operation with Japan on July 31, noting he has "pretty good insight" into Japanese policy makers' actions.
- Beyond financial tools, Trump has ordered the seizure of Venezuelan leader Nicolas Maduro in a deadly raid, while U.S. military strikes in the Caribbean have killed dozens targeting regional threats.
- Rights advocates in the U.S. and globally criticize these tactics as imperial in nature, arguing that aggressive military operations amount to extrajudicial killings.
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“Our foreign policy objective is to create allies in the Americas. Argentina was the first example of that,” Bessent told Cox Business School.
US Treasury chief Bessent backs using US financial power as foreign policy tool
U.S. Treasury Secretary Scott Bessent advocated on Tuesday for Washington's use of financial power as a foreign policy tool with the goal of advancing the interests of American allies, including in financial and political situations abroad.
The Economic Times
Times of IndiaScott Bessent: Can use US balance sheet for foreign policy
US Treasury Secretary Scott Bessent elaborated on leveraging financial mechanisms to achieve foreign policy objectives. He argued that this strategy fosters stronger alliances across the Western Hemisphere, highlighting Argentina as a key example of this tactic, which received substantial financial support to stabilize its currency and reinforce governance. His remarks clearly reflect the Trump administration's financial diplomacy approach.
Washington, Sept. 9 (EFE).- Treasury Secretary Scott Bessent has said that he firmly believes in using the U.S. Treasury balance sheet "to do foreign policy" and that the intervention to stabilize the Argentine peso during last fall's legislative elections to support Javier Milei's government was a first example. [...] The Bessent entry says that he will use the U.S. Treasury to do foreign policy in Latin America was first published in HolaNews.
U.S. Financial Power: A Diplomatic Tool in Action
U.S. Treasury Secretary Scott Bessent emphasized using America's financial power to influence foreign policy and support allies, including financial aid to Argentina. Bessent revealed Trump administration's strategy of deploying financial resources to affect political outcomes in Latin America and its attempts to curb issues like drug trafficking and illegal immigration.
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