Treasury Secretary Scott Bessent is set to deliver a keynote address Friday at the Reagan National Economic Forum, where he will argue that decades of U.S. industrial policy have left the country strategically exposed. In a speech titled “While America Slept,” Bessent will contend that policymakers consistently pursued efficiency over resilience, resulting in a hollowed-out manufacturing base in semiconductors, rare earths, medicines, and defense goods, according to Axios.
Bessent is expected to frame the Trump administration’s approach as a reversal of that trend. He will argue that the administration is now working to rebuild domestic productive capacity and reduce reliance on foreign supply chains. The address comes amid broader administration efforts to reshore critical industries and bolster economic security.
The speech follows Bessent’s appearance at Thursday’s White House briefing, where he filled in for press secretary Karoline Leavitt, who is on maternity leave. During that briefing, Bessent brushed off questions about a potential 2028 presidential run, instead focusing on the administration’s economic agenda.
Bessent’s warning about manufacturing vulnerability ties into ongoing administration moves on trade and energy. The Treasury Department has recently sanctioned Iran’s new Strait of Hormuz authority, which the administration has labeled an extortion scheme. Bessent also warned Oman over tolls in the Strait of Hormuz following President Trump’s threat to use military force.
In his Friday address, Bessent is expected to highlight the strategic importance of domestic manufacturing for national security. He will likely point to the administration’s investments in semiconductor fabrication, rare earth processing, and pharmaceutical production as steps toward restoring resilience. The speech is part of a broader push by the White House to frame its economic policies as a corrective to decades of offshoring.
The forum, named after former President Ronald Reagan, provides a platform for Bessent to outline the administration’s vision for industrial policy. He is expected to contrast the current approach with what he describes as a previous era of neglect, arguing that the U.S. must prioritize strategic capacity over short-term cost savings.
Bessent’s remarks come at a time when global supply chains remain under scrutiny, and the administration is seeking to reduce dependence on China for critical goods. The speech is likely to be closely watched by policymakers, industry leaders, and foreign governments as a signal of the administration’s long-term economic strategy.
Watch Bessent’s keynote address live beginning at 2:40 p.m. EDT.
