The U.S. midterm elections are approaching, and President Trumps approval rating has dropped to a new low. Officials within his team have also been forced to defend his America First economic policies.
According to British newspaper Reuters, on May 28 local time, U.S. Treasury Secretary Steven Mnuchin spoke at the Ronald Reagan Library in Simi Valley, California. He said that Trumps economic policies are helping the United States correct decades of policy mistakes. These mistakes have made the U.S. supply chain vulnerable and caused the U.S. economy to rely too heavily on competitors, including China.
He said that the United States has long been in a state of dormancy. It has mistakenly viewed comfort and consumption as symbols of strength and prosperity. The country has focused too much on efficiency, while neglecting the importance of economic resilience.
At a certain stage, we lost a fundamental principle that previous generations of Americans understood instinctively: Economic security is equivalent to national security. said Besent.
On May 28th, local time, U.S. Treasury Secretary Bennet delivered a speech at the Ronald Reagan Library in Simi Valley, California. Video screenshot
The U.S. Treasury Secretary, who often refers to himself as an economic historian, further stated that a country that cannot produce, extract, transport, or refine its own resources will gradually hand over its strength and sovereignty to other nations. For any nation, such dependence is dangerous. And for the United States, such dependence is simply unacceptable.
Bessenert believes that the United States has made some mistakes in the past. Some of these mistakes were cross-party in nature, while others were ideological in nature. These mistakes continued to be tolerated and carried out even after the costs became unacceptable.
He also spilled dirty water. The decision to bring China into the World Trade Organization and grant it permanent normal trade relations was a mistake made by the United States in the past. The United States once believed it could maintain security relations while pursuing commercial cooperation. However, this approach led to the United States becoming dependent on its competitors for key resources, supporting countries that had nothing to do with its interests. As a result, the United States industrial base gradually declined.
According to Besent, the United States is in a state of dormancy. Vulnerability is becoming increasingly apparent. The tariff measures proposed by Trump under the America First policy, which focus on national and economic security, will help correct past mistakes.
But the United States has awakened, said Besent. We realize that a resilient economy is the foundation for building strong nations. He pointed out that the Trump administration is working to rebuild Americas shipbuilding capabilities and strengthen the localization of key minerals and pharmaceutical supply chainsall efforts aimed at awakening America.
Overall, these efforts reflect the core concept proposed by President Trump: Economic security is national security. Bessenert praised this idea.
However, Reuters commented that Bessenert did not propose any new policy measures during his speech. He also did not discuss the economic risks posed by the war in Iran and the closure of the Strait of Hormuz. Instead, he simply repeated Trumps policy concept, which is based on the principle that economic security is national security.
Bessenert responded to this statement by saying that it doesnt mean the United States will withdraw from the world. It means interacting with the world in a more powerful, fair, and sustainable way. He claimed that the United States wont cut off ties with its trading partners without discrimination. Instead, it will distinguish between healthy interdependence and dangerous over-reliance.
But in the eyes of the outside world, this set of claims is merely another attempt by the United States to overly prioritize security in its economic policies over the past few years. Essentially, the United States is trying to implement protectionist policies under the guise of national security, while simultaneously creating a new supply chain system that better serves its own interests.
Reuters analysis indicates that China plays a dominant role in key minerals, electronics manufacturing, and several key industries. The efforts of the United States to reduce its dependence on China still face challenges.
Regarding the protectionist policies implemented by the United States, China has repeatedly stated that adopting a America first approach under the guise of security is contrary to the principles of a market economy and fair competition. Such practices pose a threat to the security of global industrial chains and supply chains. It constitutes outright protectionism, and violates principles such as most-favored-nation treatment and national treatment under the World Trade Organization.
Trade wars and tariff battles have no winners. Protectionism has no future. The Chinese side urges the US to correct its wrongful practices and to negotiate economic and trade disputes with countries around the world, including China, in a manner that is based on equality, respect, and mutual benefit.
