Part 9/16:
Bessent underscored the importance of strategic industrial policies, especially in sectors where China exerts dominance. He indicated that government stakes in private companies, such as the recent move with rare earth companies, are a means to achieve supply chain resilience. This approach, he clarified, is targeted and selective—focused on vital industries to prevent overreach or socialism accusations.
He pointed out the necessity of vigilance to avoid losing control over key industries, citing past examples like General Motors' ownership of a major rare earth company that eventually was sold to Chinese interests. The goal is to establish a resilient, self-sufficient national industry ecosystem, complemented by private capital and international cooperation.