WASHINGTON — 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.

“America first does not mean America alone,” he said in a speech to the Institute of International Finance. “To the contrary, it is a call for deeper collaboration and mutual respect among trade partners.”

Meanwhile, U.S. stocks rose Wednesday as a worldwide rally came back around to Wall Street after President Donald Trump appeared to back off his criticism of the Federal Reserve and his tough talk in his trade war.

Although Bessent said the IMF and the World Bank are “falling short,” he stopped short of calling for the U.S. to withdraw from the institutions as some conservatives have advocated.

It was the latest example of how Bessent, a former hedge fund manager who keeps a close eye on the financial markets, has tried to calm the economic turmoil driven by Trump’s efforts to rewire international trade through aggressive tariffs.

It was also an example of the administration’s struggle to present a consistent, unified economic message.

After Bessent’s remarks, reporters asked him about a Wall Street Journal article that said the huge U.S. tariffs that the Republican president has levied on China could be cut in half, citing unidentified people familiar with the matter.

Bessent tempered that report with caution, saying: “I’d be surprised if that discussion is happening.”

However, he said he expects “there’d have to be a de-escalation” from Washington and Beijing’s trade confrontation.

Trump had said Tuesday that the 145% tariffs on China could “come down substantially.”

And then Wednesday, he told reporters that “everybody wants to be a part of what we’re doing” and “everyone’s going to be happy.”

The stock markets’ drastic swings this week — a sharp sell-off Monday followed by two big daily rallies — highlight how investors are grasping for favorable news amid the confusion and uncertainty about the White House’s intentions.

Wednesday’s trading was no different. Stocks surged to start the day, before paring back gains after Bessent’s remarks.

The S&P 500, which rose as much as 3% in early trading, closed with a 1.67% gain Wednesday, extending the rally from Tuesday, when the index jumped 2.5%, that more than made up for its steep loss Monday. The Dow Jones Industrial Average closed up 419.59 points, or 1.07%, and the Nasdaq composite closed 2.5% higher. Wall Street’s gains followed strong moves higher for stocks across much of Europe and Asia.

The initial enthusiasm came from Trump’s remark Tuesday that he had “no intention” of firing Federal Reserve Chair Jerome Powell, which helped lift markets Wednesday. Days before, Trump had lashed out at Powell — “If I want him out, he’ll be out of there real fast,” he told reporters — which unnerved investors who see the Fed’s independence as critical to the health of the U.S. economy.

In Washington, Bessent’s speech represented a broadside against the IMF and the World Bank, which provide loans and other financial support around the world. He said the Trump administration “will leverage U.S. leadership and influence at these institutions and push them to accomplish their important mandates.”

Some of Bessent’s criticisms echoed the Trump administration’s efforts to root out progressive ideology from federal institutions.

Bessent said the IMF “has suffered from mission creep” and “devotes disproportionate time and resources to work on climate change, gender and social issues.”

He said there were similar problems at the World Bank.

One of the problems, Bessent said, is that China is still treated like a developing country, which gives it more favorable treatment from global institutions. With China as the second-largest economy in the world, he said, “it’s an adult economy.”

Despite growing friction between Beijing and Washington, Bessent said “there is an opportunity for a big deal here.”

Bessent wants the U.S. to boost manufacturing while China increases consumption, making its economy less reliant on flooding the globe with cheap exports.

“If they want to rebalance, let’s do it together,” he said. “This is an incredible opportunity.”

Beijing said Wednesday that “exerting pressure is not the right way to deal with China and simply will not work.”

The New York Times contributed.