Treasury Secretary Scott Bessent leveled harsh criticism at the operations of the World Bank and the International Monetary Fund on Wednesday even as he tried to reassure nervous investors that the United States would maintain its global leadership role.

Bessent spoke to the Institute of International Finance as both the International Monetary Fund and World Bank held their spring meetings in Washington. On Monday, the IMF downgraded its forecast of U.S. economic growth to 1.8% this year, a reduction from the 2.7% it estimated as recently as January.

Treasury Secretary Scott Bessent said the U.S. remains committed to playing a leadership role in the IMF and World Bank but wants to see changes.

The outlook for the U.S. and global economies this year and next has significantly worsened in the wake of President Donald Trump’s tariffs and the uncertainty they have created

Trump’s tariffs are forecast to slow the global economy sharply this year, the International Monetary Fund said.