What does Treasury Secretary Scott Bessent mean when he says the U.S. was 'asleep' on economic security?

Bessent means that for decades, U.S. policymakers mistakenly equated comfort and consumption with national strength and prosperity, over-prioritizing efficiency at the expense of resilience—thereby neglecting the foundational principle that 'economic security is national security' and allowing supply chains to become dangerously vulnerable and overly dependent on adversaries like China.

According to Bessent, how does the Trump administration’s 'America First Agenda' aim to correct past economic policy failures?

Bessent states that the agenda corrects past failures through tariff actions framed around national and economic security, alongside targeted efforts to rebuild U.S. shipbuilding capability and domestic supply chains for critical minerals and pharmaceuticals—shifting from 'dangerous overdependence' on rivals to 'healthy interdependence,' without retreating from global engagement.

Bessent argues US was 'asleep' on economic security, Trump policies waking it up

May 29, 2026

U.S. Treasury Secretary Scott Bessent announced that Trump's policies prioritize economic security to rebuild supply chains for critical minerals and pharmaceuticals. The strategy aims to reduce dependence on adversaries like China while restoring domestic manufacturing capabilities.

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