00:00In response to President Trump's tariff announcements, more than a hundred countries have approached
00:20us, wanting to help rebalance global trade.
00:24These countries have responded openly and positively to the President's actions to
00:29create a more balanced international system.
00:33We are engaged in meaningful discussions and look forward to talking with others.
00:38China in particular is in need of a rebalancing.
00:45Recent data shows the Chinese economy tilting even further away from consumption toward manufacturing.
00:52China's economic system, with growth driven by manufacturing exports, will continue to
00:58create even more serious imbalances with its trading partners if the status quo is allowed to continue.
01:07China's current economic model is built on exporting its way out of its economic troubles.
01:12It's an unsustainable model that is not only harming China, but the entire world.
01:18China needs to change.
01:20The country knows it needs to change.
01:24Everyone knows it needs to change.
01:26And we want to help it change because we need rebalancing too.
01:32China can start by moving its economy away from export overcapacity and towards supporting
01:38its own consumers and domestic demand.
01:42Such a shift would help with global rebalancing that the world desperately needs.
01:48Mr. Secretary, thank you for joining us here today, and thank all of you for coming here
01:52today.
01:55What I have said previously, there is an opportunity for a big deal here.
02:01That the U.S. is looking to rebalance two more manufacturing.
02:07The identity of that would be less consumption.
02:11If China is serious on less dependence on export-led manufacturing growth and a rebalancing toward
02:20a domestic economy, I think they use the term dual circulation.
02:26Well, right now it's really singular circulation.
02:30And if they want to rebalance, let's do it together.
02:34This is an incredible opportunity.
02:37I think if Bridgewater founder Ray Dalio were to write something, he could call it a beautiful
02:44rebalancing.
02:45Indeed.
02:46I mean, it's just, as President Trump says, it's common sense that you can't have the second-largest
02:57economy in the world, and as I said in my speech, I applaud their rapid growth, but you don't
03:05get both.
03:07I have a teenager who sometimes wants to be treated like a child, sometimes wants to be
03:12treated like an adult.
03:14Yeah.
03:15I got one of those, too.
03:17America first does not mean America alone.
03:27To the contrary, it is a call for deeper collaboration and mutual respect among trade partners.
03:36Far from stepping back, America first seeks to expand U.S. leadership in international institutions
03:43like the IMF and the World Bank.
03:47By embracing a stronger leadership role, America first seeks to restore fairness to the international
03:55economic system.
03:57Nowhere is the imbalance I mentioned earlier more obvious than in the world of trade.
04:04That's why the United States is taking action now to rebalance global commerce.
04:13The IMF was once unwavering in its mission of promoting global monetary cooperation and
04:21financial stability.
04:23Now it devotes disproportionate time and resources to work on climate change, gender, and social
04:30issues.
04:31These issues are not the IMF's mission.
04:35And the IMS focus in these areas is crowding out its work on critical macroeconomic issues.
04:43The IMF must hold countries accountable for implementing economic reforms.
04:50And sometimes, sometimes the IMF needs to say no.
04:55The organization has no obligation to lend to countries that fail to implement reforms.
05:02Economic stability and growth should be the markers of the IMF's success.
05:08Not how much money the institution lends out.
05:13The World Bank must be tech neutral and prioritize affordability and energy investment.
05:21In most cases, this means investing in gas and other fossil fuel based energy production.
05:28In other cases, this may mean investing in renewable energy coupled with systems to help manage
05:35the intermittency of wind and solar.
05:38The history of humanity teaches a simple lesson.
05:43Energy abundance sparks economic abundance.
05:48That's why the bank should encourage an all of the above approach to energy development.
05:54Energy abundance.
06:01• Thank you.
06:06Good afternoon.
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