Pompeo on Economic Diplomacy

Jun 24, 2018

Economic diplomacy has always been central to the State Department's mission.

“What that means,” said Secretary of State Mike Pompeo in recent a speech, “is we use American power, economic might, and influence as a tool of policy to help America achieve its interests and promote our values around the world.”

“If we get this right, economic diplomacy also does strengthen our national security,” explained Secretary Pompeo. President Donald Trump has made clear that economic security is indeed national security.

U.S. Secretary of State Mike Pompeo speaks at an Economic Club of Detroit. June 18, 2018.
U.S. Secretary of State Mike Pompeo speaks at an Economic Club of Detroit. June 18, 2018.

Economic diplomacy strengthens alliances around the world and at the same time inspires other countries to adopt economic models similar to the United States. “At the end of the day, the dynamism, the creativity, and the innovation that follow from [the American model] can only happen in a political environment that is like ours, with fairness and opportunity for every individual to become a success,” explained Secretary Pomepo.

The State Department is supporting this trend in several ways. First, it's working to maintain American sovereignty on the world economic scene. “The experience of Brexit, which is ongoing, and of the European Union shows us that it is difficult to recover economic independence once it's relinquished,” said Secretary Pompeo. “It also shows that the economic policies that centralize power diminish the free market's capacity for wealth creation and the success of both consumers and businesses alike.”

Second, the State Department has a responsibility to ensure that markets are open.

The U.S. is also working hard to attract international investment in the United States.

Abundant energy resources at home give the U.S. an enormous comparative advantage. “Indeed, increasing our exports is central to our security,” said Secretary Pompeo. “If we can export to Europe, we put Russia on its back foot. If we can export to Asia, we can do the same with China.”

Finally, the State Department is taking a really hard line on foreign practices that harm America, including intellectual property theft or forced technology transfer. Practices commonly perpetrated by China, said Secretary Pompeo.

The State Department will continue to lead its economic team in a way that delivers American diplomacy every place in the world, and the American economy can continue to be the beacon around the world that it has been for all these years.