June 23 (Reuters) – U.S. Treasury Secretary Scott Bessent said on Thursday that the Trump administration aimed to build enough \u200csupply chain capacity to allow critical industries to withstand \u200ceconomic shocks, pandemics, wars, coercion from adversaries and other foreign chokepoints.<\/p>\n
Bessent told the \u200bEconomic Club of New York that supply chain resilience “does not require every component to be domestic from beginning to end. That would be unrealistic and unnecessary.”<\/p>\n
But in a speech invoking Alexander Hamilton’s call \u200cfor a newly independent \u2060United States to develop manufacturing self-sufficiency, Bessent said supply chain security “requires diversifying away from dangerous concentrations. And \u2060that we build enough capacity at home to ensure that the American people are never at the mercy of a foreign chokepoint abroad.”<\/p>\n
Bessent \u200balso \u200bsaid that, after decades of growing \u200btrade deficits, the U.S. \u200cwas a nation now more aware of its economic interests, and more prepared to protect them.<\/p>\n
Partner countries should expect “a nation that insists on reciprocity. That shields its firms from discriminatory treatment. Secures its critical supply chains. Enforces sanctions and combats illicit finance,” Bessent \u200csaid. “A United States, in short, that will \u200bnot allow economic policy to grow \u200bdetached from national strategy.”<\/p>\n
Bessent \u200balso said the U.S. should support financial innovation \u200cthat strengthens the dollar, improves efficiency, \u200bexpands access and \u200bpreserves the integrity of the financial system, but he did not outline any specific policies to achieve that. He added \u200bthat the U.S. \u200cwould insist that new technologies meet U.S. standards for \u200btransparency, security, consumer protection and law enforcement access.<\/p>\n
(Reporting by David \u200bLawder; Editing by Edmund Klamann)<\/p>\n","protected":false},"excerpt":{"rendered":"June 23 (Reuters) – U.S. Treasury Secretary Scott Bessent said on Thursday that the Trump administration aimed to…\n","protected":false},"author":3,"featured_media":889297,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[116397,64,341897,79,18244,24925,156083,202290,67,132,68],"class_list":["post-889296","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-alexander-hamilton","tag-business","tag-economic-shocks","tag-economy","tag-scott-bessent","tag-supply-chain","tag-supply-chain-resilience","tag-supply-chain-security","tag-united-states","tag-unitedstates","tag-us"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116804742454481206","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/889296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=889296"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/889296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/889297"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=889296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=889296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=889296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}