Axios

In a speech in New York on Tuesday night, Treasury Secretary Scott Bessent said that a long-running bet on cheaper goods and deeper economic integration making America richer and safer had failed.

Why it matters: The speech set a framework for President Trump's economic policies since his second term, including tariffs and calls for reshoring.

• But it also suggests that those policies may be part of a broader rethinking of globalization that extends well beyond one administration.
• If that's right, investors betting on a return to the old globalization playbook may be waiting a long time.

Back in 2001, most Americans thought the Founding Fathers would be pleased with how our country turned out.

• Today, fewer than one in five agree, according to a recent poll.

Why it matters: Few things unite Americans in its 250th year like their shared conviction — across party, age, race and income — that the country has let its founders down.

What looked like a typical round of President Trump insulting European leaders last weekend could turn into a wholesale reordering of the trans-Atlantic relationship.

Why it matters: Administration officials are pointing to Europe's reluctance to get involved in Iran to question why the U.S. should continue underwriting its defense.

• Against that backdrop, NATO Secretary General Mark Rutte is due in Washington tomorrow for what may be the alliance's most consequential encounter with Trump since his return to office.