Treasury Secretary Scott Bessent addressed the 2026 Reagan National Economic Forum in remarks delivered on May 29, highlighting the importance of economic security as a pillar of national strength. Bessent said that as America marks its 250th anniversary, it is necessary to reflect not only on the nation’s founding but also on its current condition and recent policy decisions.
Bessent said, “The truth is that for too long, America had been asleep. We mistook comfort for strength.” He discussed how past decisions prioritized efficiency and consumption over resilience and production, leading to vulnerabilities in supply chains and dependence on foreign suppliers for critical goods such as semiconductors, rare earth minerals, pharmaceuticals, and shipbuilding capacity.
He traced these issues to bipartisan policy choices including trade agreements with China and an emphasis on global supply chains without sufficient regard for national strategy or industrial capacity. “A nation that cannot manufacture, mine, ship, or refine its needs gradually cedes its strength—and sovereignty—to others,” Bessent said.
Bessent outlined steps taken by President Trump’s administration to address these concerns. He referenced executive actions related to trade policy—such as reciprocal tariffs tied to national security—and efforts to rebuild domestic capabilities in critical minerals processing, pharmaceuticals manufacturing, and maritime industries. According to Bessent, “Trade policy, industrial capacity, and national security are inseparable.”
He emphasized that this new approach does not mean isolationism but rather building stronger supply chains with trusted partners while rebuilding key capacities at home. “It does not mean rejecting efficiency. It means refusing to worship efficiency when efficiency leaves our nation exposed,” he said.
Bessent concluded by invoking former President Reagan’s call for reflection after mistakes: “If we learn from our mistakes…then this country will not simply patch over vulnerabilities. It will enter a new season of national strength with a more robust Main Street and industrial base than ever before.”