President Donald Trump’s “America First” agenda brought uncertainty into the international system this year, but the multilateral institutions that have been the heart of American soft power for decades thus far can still count the US as a partner.
These institutions – the United Nations, International Monetary Fund (IMF) and World Bank – have served as vital mechanisms for US soft power since the Second World War, with the US leveraging its position as their largest donors to dictate policy.
Former IMF chief economist Maury Obstfeld said fears of a US withdrawal from the Bretton Woods system, a name for the multilateral institution framework, was based on a mistaken belief of an isolationist Trump administration that gained traction from a right-wing blueprint called Project 2025.
“And what's emerged is that the administration is quite interested in projecting its cultural and political agenda abroad, and so from that perspective, these institutions where it wields immense power are an ideal way to do that,” said Mr Obstfeld, who is now a senior fellow at the Peterson Institute for International Economics.
Indeed, Treasury Secretary Scott Bessent soothed fears of a US pullback during an address ahead of the World Bank and IMF spring meetings in May.
“America First does not mean America alone. To the contrary, it is a call for deeper collaboration and mutual respect among trade partners,” he said, before listing off a series of reforms the White House wants the IMF and World Bank to make.
US Treasury Secretary Scott Bessent. Reuters
Calls for reform go beyond Foggy Bottom. Speaking during the UN General Assembly in New York in September, Mr Trump questioned the effectiveness of the UN in responding to global
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