US Treasury Secretary Scott Bessent advocated late 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."I believe that I can use the balance sheet of the US for foreign policy. So, we have a foreign policy goal and that is to create allies in the Western hemisphere," Bessent said in an event at the SMU Cox School of Business."Argentina was the front-runner for that and it was my belief that the Milei government had sound policies," he said, referring to Argentine President Javier Milei's government.Last year, the US provided Argentina with a multibillion-dollar support package to help stabilise its currency and bolster Milei ahead of midterm elections.Bessent's comments marked an open acknowledgement of the Trump administration's willingness to use US financial resources to shape the politics. Reuters
Scott 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.
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