Higher tariffs and heightened geopolitical tensions may push government debts to new highs over the coming years, making the need for policymakers to outline robust plans for containing the surge more pressing,

Global public debt peaked in 2020 as governments borrowed heavily for COVID-19 relief. But it has been edging back up, and now it's accelerating.

Economic pressures from steep new U.S. tariffs will push global public debt above pandemic-era levels to nearly 100% of global GDP by the end of the decade as slower growth and trade strain government budgets,

Treasury Secretary Scott Bessent has played a balancing act trying to reassure nervous investors that the U.S. would maintain its global leadership role while staying true to the Trump administration’s skepticism of multilateral banking organizations.

The IMF and World Bank serve critical roles in the international system,” Bessent said in prepared remarks. “And the Trump Administration is eager to work with them — so

U.S. Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that they have strayed too far into vanity projects such as climate change that have reduced their effectiveness.