What Defines Trump’s New Approach to Government-Led Industrial Strategy?

Breaking From Traditional Free-Market Principles

The current administration has fundamentally shifted America’s economic philosophy, abandoning decades of hands-off government policy in favor of direct market intervention. This represents a dramatic departure from traditional free-market orthodoxy that has guided US economic policy since the Reagan era.

Treasury Secretary Scott Bessent articulated this strategic pivot during a CNBC event on October 15, stating that when facing non-market economies like China, the United States must exercise industrial policy. This approach contrasts sharply with previous administrations that relied primarily on tax…