As the U.S. navigates a complex global landscape, the connection between economic strength and national security has become increasingly evident. U.S. Secretary of Commerce Gina Raimondo emphasized this link during a speech at the Atlantic Council in May 2024, highlighting the need for a cohesive strategy that integrates economic and national security [a1f21b44].
The Biden administration has already taken steps to address these concerns, proposing a ban on Chinese software in vehicles due to cybersecurity risks, which reflects a growing awareness of the vulnerabilities posed by foreign technology [a1f21b44]. Additionally, the upcoming 2024 Transatlantic Forum on GeoEconomics aims to align Western allies on critical issues in finance, technology, and energy, signaling a collaborative approach to economic security [a1f21b44].
The need for a robust strategy is underscored by vulnerabilities exposed during recent global events, including the COVID-19 pandemic, Russia's invasion of Ukraine, and intensified competition with China. These challenges have been framed in the 2022 National Security Strategy, which identifies climate and energy security as existential threats [a1f21b44].
In light of these developments, the next U.S. administration is urged to prioritize the protection of sensitive technologies, drive the energy transition, and secure the financial system against emerging threats. The Office of the Director of National Intelligence has identified disruptive technology and digital authoritarianism as top threats, emphasizing the importance of proactive measures [a1f21b44].
Export controls on technology have been a key tool in this strategy, having been employed against Russia since February 2022. In a reciprocal move, China announced export restrictions on graphite in October 2023, responding to U.S. semiconductor restrictions, further complicating the global trade landscape [a1f21b44].
Moreover, with 30% of the world's critical mineral reserves located in Africa, securing these resources is essential for the U.S. to maintain its technological edge [a1f21b44]. Financial criminals are also a growing concern, having moved $3.1 trillion through the global financial system in 2023, while cyberattacks targeting financial institutions threaten the integrity of the financial system [a1f21b44].
To address these multifaceted challenges, the next administration should focus on developing public-private partnerships aimed at securing the financial system and ensuring that the U.S. remains resilient in the face of evolving threats [a1f21b44].