In a recent speech, Trump’s nominee for Treasury Secretary, Scott Bessent, called for a “massive restructuring of the global economy,” highlighting that economic growth is essential for addressing the federal government's debt. He proposed reducing the budget deficit to 3 percent of GDP by 2028, boosting GDP growth through deregulation, and increasing daily oil production by 3 million barrels.

Analyzing these policies alongside Trump’s broader economic agenda — such as raising tariffs, curbing outsourcing, and revitalizing manufacturing — reveals that the incoming administration does not intend to rely on the same globalization model that fueled past economic growth. The old model, which leveraged global supply chains and positioned the U.S. at the top of profit-driven sectors like innovation and services, brought prosperity and rapid development to parts of the economy.

However, it also contributed to the decline of American manufacturing and the erosion of the middle class.

Meanwhile, globalization has established China as the global manufacturing hub. This shift has brought substantial benefits to China, including booming exports and job creation — at its peak, the manufacturing sector employed over 100 million people.

Although China has not secured higher profit margins, its industrialization and economic strength have undergone a transformative leap compared to the pre-globalization era. Over the last few decades, China has significantly enhanced its military power based on its superior manufacturing capability.

America suddenly finds itself facing renewed major-power competition and the ongoing and........

© The Hill