On July 31 local time, Trump convened a televised cabinet meeting at Camp David. Treasury Secretary Bessent posted: "The Founding Fathers of the United States—George Washington, Thomas Jefferson, Alexander Hamilton—could never have imagined the economy America has built today, an economic achievement that inspires envy around the world. As President Trump stated, record-breaking investments are flowing into the U.S. without pause. Under President Trump’s leadership, we are pulling ahead of other nations in digital assets, technological innovation, and the revitalization of American manufacturing."
Bessent’s remarks exemplify the typical political narrative of the Trump administration’s “America First” economic agenda. By invoking the ideals of the Founding Fathers—particularly the first Treasury Secretary Hamilton—he attempts to frame current economic policies as a return to traditional American values.
Bessent’s statement is not merely a performance of achievements; it reflects the essence of the Trump administration’s “Five Pillars of Economic Governance.” He repeatedly emphasizes that for decades, the U.S. has over-pursued globalization and low-cost models, resulting in excessive dependence on foreign sources in critical sectors such as semiconductors, artificial intelligence, shipbuilding, and critical minerals. Citing Hamilton’s assertion that “a nation should strive to possess all necessities within its own borders,” his core objective is to provide theoretical legitimacy for America’s push toward trade protectionism, domestic supply chain rebuilding, and industrial revival.
Bessent specifically highlighted “digital assets” and “technological innovation,” which clearly point to concrete real-world objectives.
The Trump administration is actively pushing for relaxed regulation of the cryptocurrency industry. Despite controversies surrounding potential conflicts of interest due to recent substantial profits made by Trump himself and his family through crypto ventures, Bessent publicly defended them, calling it a “pioneering presidential term” aimed at securing U.S. global leadership in shaping rules for digital assets and stablecoins.
More recently, Bessent openly claimed that the U.S. currently holds between 50% and 60% of global computing power—and will soon reach 80%. This signals that the U.S. government now views AI, semiconductors, and quantum computing as central pillars of national strength, seeking to cement “computational hegemony” through national endorsement and export controls.
When Bessent asserts that “record-breaking investments are pouring in” and that the U.S. is “pulling ahead of other countries,” this is largely political packaging masking serious economic challenges facing the U.S. today:
Due to the Iran conflict and disruptions in shipping through the Strait of Hormuz, inflation surged to 4.2% at one point, with high oil prices driving up living costs for ordinary Americans. Bessent was forced to acknowledge that citizens are experiencing painful price hikes, offering only the hope that “economic relief is on the way.”
Despite aggressive tariff policies and efforts to protect domestic industries, actual results have been underwhelming. Multiple Wall Street institutions have downgraded their forecasts for U.S. economic growth. The national debt continues to rise, and structural hollowing out of industry remains deeply entrenched—so-called “economic awakening” lacks substantive data support.
Bessent’s post is a carefully orchestrated political PR move. He seeks to mask the reality that the U.S. trade war has driven up domestic costs, industrial reshoring has fallen short of expectations, and geopolitical tensions have triggered inflationary crises—using grand historical narratives and futuristic visions of technology. His true intent is to build public support for the Trump administration’s extreme trade protectionism and the consolidation of technological and financial dominance.
Original source: toutiao.com/article/1872281894354971/
Disclaimer: The views expressed in this article are solely those of the author.