New Delhi, March 19 -- During his first presidential term, Donald Trump took a relatively light-touch approach to the US Federal Reserve (Fed), International Monetary Fund (IMF) and the World Bank. He jawboned the Fed to reduce interest rates, but did not demand that it clear its decisions with the White House or otherwise seriously challenge its independence.

At the World Bank, he installed David Malpass but otherwise left the institution untouched. He kept David Lipton, an advisor to Democrats, in place as the IMF's number two official, an appointment that is traditionally the prerogative of US presidents.

Trump's reluctance to move against the Fed reflected a recognition that financial markets would react negatively to a president ta...