US Commerce Secretary Declares 'Globalisation Has Failed' at Davos

• US Commerce Secretary Howard Lutnick stated at the World Economic Forum in Davos that globalisation has failed the US and the West.
• Lutnick argued that decades of offshoring, export-led growth, and cheap global labor have harmed American industry and workers.
• He emphasized that the US will no longer support policies leading to job exports or reliance on foreign supply chains for critical industries.
• The remarks reiterate the Trump administration's 'America First' doctrine, prioritizing domestic workers, industrial capacity, and national security.
• The administration aims for economic sovereignty by anchoring critical sectors like pharmaceuticals and semiconductors domestically or with allied nations.

Why It Matters: US Commerce Secretary declares globalisation a failure, advocating 'America First' policies for economic sovereignty.