Treasury Secretary Scott Bessent addressed the 2026 Reagan National Economic Forum in remarks delivered on May 29, emphasizing the importance of economic security as a foundation for national strength. Bessent spoke to attendees about the need for reflection and action as the nation marks its 250th anniversary, stating that such milestones demand more than ceremony.
Bessent said, “Of course, this year’s forum carries special significance as we celebrate 250 years of the American story. But milestones of this magnitude demand more than ceremony. They ask something of us.” He highlighted a period in which he believes America mistook comfort for strength and prioritized efficiency over resilience. According to Bessent, decisions made over recent decades have diminished U.S. sovereignty by creating dependencies on foreign supply chains and critical industries.
The Treasury Secretary outlined how past trade policies separated commercial interests from national strategy, resulting in vulnerabilities across sectors such as manufacturing, pharmaceuticals, shipbuilding, and critical minerals. He cited events like China’s accession to the World Trade Organization and reliance on overseas production as factors that contributed to these dependencies. “Somewhere along the way, we lost sight of a foundational principle that previous generations understood instinctively: economic security is national security,” Bessent said.
Bessent discussed actions taken under President Trump’s administration to address these issues. These include issuing an America First Trade Policy memorandum directing agencies to integrate trade with national strategy; declaring a national emergency tied to foreign trade practices; imposing reciprocal tariffs; signing executive orders related to processed critical minerals and pharmaceutical supply chain resilience; and establishing initiatives aimed at rebuilding U.S. maritime capacity.
He clarified that strengthening economic security does not mean withdrawing from global engagement but rather engaging on fairer terms: “It does not mean retreating from the world… It means distinguishing healthy interdependence from dangerous overdependence.”
Concluding his remarks, Bessent called for renewed confidence in American industrial capacity: “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.”
