Speaking before the Institute of International Finance, Treasury Secretary Scott Bessent leveled criticism of the World Bank and International Monetary Fund, urging them to go "back to basics" in their focus as financial institutions, but also offered support, stressing the United States' desire to continue its leadership role.

As President Donald Trump's trade war locks the world's two largest economies on a collision course, nations are being forced to choose between China and the United States.

China is downplaying concerns that the trade war with the United States will not significantly harm its economic growth, expressing confidence in reaching its GDP target.

Beijing appears to be bedding in for a protracted battle with the US over tariffs. The Chinese government laid out policies Monday to aid its exporters affected by the trade war, including loan support for troubled firms and measures to further boost domestic consumption.