Treasury Secretary Scott Bessent declared Tuesday night that decades of betting on cheaper goods and global economic integration have failed to make America richer or safer. In a speech to the Economic Club of New York, Bessent outlined a new framework for U.S. economic strategy, emphasizing domestic production, supply chain resilience, and national security. "The nation that depends on its adversaries for critical inputs is not truly sovereign," he said. This shift mirrors concerns that emerged during the Biden administration about over-reliance on global supply chains. But Bessent's version adds an explicit emphasis on reciprocity—the Trump administration expects fairness from trading partners. According to Axios, Bessent warned that the U.S. will use "many tools" to address trade practices it deems unfair, and will "never hesitate to use them decisively." The speech sets the framework for Trump's tariff and reshoring policies, signaling a broader rethinking of globalization that could extend well beyond this administration.

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