Scott Bessent · U.S. · New York · U.S. Treasury · Axios
The big picture: Bessent argued that America got cheaper goods and more efficient supply chains
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The intrigue: The underlying concern is strikingly similar to one that emerged under former President Biden, a sign of bipartisan skepticism about the more globalist view that defined pre-pandemic times.
Key facts
- On Wednesday morning on CNBC, Bessent praised Federal Reserve chairman Kevin Warsh's efforts to get rid of forward guidance
- In a speech in New York on Tuesday night, Treasury Secretary Scott Bessent said that a long-running bet on cheaper goods and deeper economic integration making America richer and safer had failed
- The speech set a framework for President Trump's economic policies since his second term, including tariffs and calls for reshoring
- What they're saying: "The nation that depends on its adversaries for critical inputs is not truly sovereign
Summary
In a speech in New York on Tuesday night, Treasury Secretary Scott Bessent said that a long-running bet on cheaper goods and deeper economic integration making America richer and safer had failed. The speech set a framework for President Trump's economic policies since his second term, including tariffs and calls for reshoring. But it also suggests that those policies may be part of a broader rethinking of globalization that extends well beyond one administration. If that's right, investors betting on a return to the old globalization playbook may be waiting a long time. What they're saying: "The nation that depends on its adversaries for critical inputs is not truly sovereign.