Economic security is becoming increasingly central to American foreign and economic policy. It involves protecting supplies of critical materials and technologies, thwarting economic coercion and building resiliency against economic disruptions.
Like in many other countries, decision-makers in the United States are responding to lessons that emerged from the COVID-19 pandemic and China’s willingness to leverage its economic scale to achieve its aims.
While economic security may be getting more attention, the areas of concern are not new for the U.S. What is new is increasing reliance on controls and coercion, rather than an open, rules-based trading system.