Treasury Secretary Scott Bessent delivered remarks at the 2026 Reagan National Economic Forum, asserting that America had been "asleep" to critical economic vulnerabilities, and outlining President Donald Trump's "America First Trade Policy" designed to link economic security directly with national security.
Speaking on May 29, 2026, Bessent criticized past policies that prioritized efficiency over resilience, leading to a decline in domestic manufacturing and an over-reliance on foreign supply chains. He highlighted that the nation "mistook comfort for strength" and allowed risks to accumulate by assuming smooth global supply chains and responsible behavior from adversaries, particularly after China's accession to the WTO.
The Secretary pointed to the COVID-19 pandemic as a stark revealer of these "brittle supply chains," exposing dependencies on foreign suppliers for semiconductors, large-capacity batteries, critical minerals, and medicines. He noted that warnings from workers, military planners, manufacturers, and public health officials were largely ignored by the political class, who favored "old formulas" where "cheaper was always better."
Bessent detailed President Trump's agenda to reverse this trend, beginning with the America First Trade Policy memorandum. This directive aims to treat trade as an instrument of national strategy rather than a "technocratic afterthought." Key actions include reciprocal tariff measures, executive action on processed critical minerals to mitigate national security risks, and an executive order to restore America's maritime dominance and rebuild U.S. shipbuilding capabilities.
Furthermore, President Trump signed an executive order to establish a Strategic Active Pharmaceutical Ingredients Reserve and imposed tariffs on patented pharmaceutical products, emphasizing that supply chain resilience in medicine is no longer an afterthought. Bessent clarified that this doctrine does not mean retreating from the world, but rather engaging on "stronger, fairer, and more sustainable terms," distinguishing healthy interdependence from dangerous overdependence.
Concluding his remarks, Bessent declared, "America has awakened." He affirmed the administration's commitment to rebuilding industrial capacity, securing supply chains, and aligning economic relationships with core national interests, promising a "new season of national strength" under President Trump's leadership.