Treasury Secretary Scott Bessent laid out the facts for people who may believe that President Donald Trump wants the United States to become an isolationist nation.

On Wednesday, he said that the administration is working on trade deals with foreign leaders and that “America First” does not mean that America will be alone.

He was speaking at the International Monetary Fund (IMF) and World Bank meetings in Washington, D.C., when he spoke about the administration’s global trade strategy.

It came a day after Bessent said in a closed-door meeting that continuing a trade war with China for the long term would not be sustainable.

“I wish to be clear: ‘America First’ does not mean America alone,” the secretary said.

“To the contrary, it is a call for deeper collaboration and mutual respect among trade partners. Far from stepping back, ‘America First’ seeks to expand U.S. leadership and international institutions like the IMF and the World Bank. By embracing a stronger leadership role, ‘America First’ seeks to restore fairness to the international economic system,” he said.

“I know sustainability is a popular term around here, but I’m not talking about climate change or carbon footprints, I’m talking about economic and financial stability. The kind of sustainability that raises standards of living and keeps markets afloat. International financial institutions must be singularly focused on upholding this kind of sustainability if they are to succeed in their missions,” Bessent said.

“China in particular needs rebalancing. Recent data shows the Chinese economy tilting even further away from consumption toward manufacturing. China’s economic system with growth driven by manufacturing exports will continue to create even more serious imbalances with its trading partners if the status quo is allowed to continue,” the secretary said. “it is an unsustainable model that is hurting not only China but the entire world.”

“First, we must make the IMF the IMF again. The IMF’s mission is to promote international monetary cooperation, facilitate the balanced growth of international trade, encourage economic growth, and discourage harmful policies,” he said.

“The IMF and World Bank have enduring value, but mission creep has knocked these institutions off course,” he said. “The IMF was once unwavering in its mission of promoting global monetary cooperation and financial stability. Now it devotes disproportionate time and resources to work on climate change, gender and social issues.”