A Wall Street Journal op-ed from US Treasury Secretary Bessent.
It ostensibly outlines the economic vision as a revival plan for America’s working class but reads more like campaign rhetoric than grounded policy. Framed as a moral reckoning with the past failures of globalization, it blames neoliberal trade policies—particularly China’s WTO entry—for decades of American decline.
The article presents Trump’s economic agenda as a three-pronged strategy:
renegotiated trade via tariffs, permanent tax cuts, and sweeping deregulationYet it glosses over the known downsides of tariffs (consumer price hikes), omits how tax cuts have ballooned the deficit, and offers little evidence deregulation alone can rebuild U.S. manufacturing.
The plan hinges on restoring “economic security” through tariffs and tax breaks, but it assumes without much proof that these will magically reindustrialize the economy and raise wages. The claim that “we need government to get out of the way” ignores the complex role federal support has historically played in building industrial capacity—particularly in tech and defense.
Perhaps most questionable is the implication that Trump’s policies are already working. The op-ed cites a few months of jobs data and lower inflation as signs of momentum, despite widespread consensus that macroeconomic trends are shaped by longer-term dynamics, including Fed policy and global conditions.
In the end, the piece offers an ideological blueprint heavy on slogans—“energy dominance,” “economic security is national security,” “Main Street and Wall Street rising together”—but light on credible data or acknowledgment of trade-offs. It to be not much more than a campaign-era remix of 2017-style trickle-down economics wrapped in industrial nationalist branding.
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The Journal is gated, here is the link if you want and can access it.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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