Critical Capital - Can U.S. industrial trade policy stay on course? ft. Sarah Bianci

For decades, the United States bet on globalization: open markets, cheaper goods, and far-flung supply chains. But that model is breaking down. After pandemic disruptions and rising tensions with China, a new bipartisan consensus is emerging that America needs to rebuild its industrial base. The real question now isn’t whether to reshore critical industries; it’s whether the US can do it consistently. In this episode, we sit down with Sarah Bianchi, former Deputy US Trade Representative and current senior managing director at Evercore, to unpack the forces reshaping global trade, industrial policy, and investment. Drawing on decades inside Washington and firsthand experience negotiating trade deals, Sarah explains how we got here and why political volatility may be the biggest risk to America’s economic strategy. Chapters: 01:04 Meet Sarah Bianchi 03:23 From NAFTA To Tariffs 08:21 Economic Leverage Playbook 13:50 Tariffs Today Explained 16:31 Allies Feel Whiplash 20:47 Reorganized Supply Chains 23:20 Bipartisan Industrial Policy 26:05 Critical Minerals Reality Check 31:06 AI Backlash And Regulation 35:41 Markets Volatility And Policy 37:37 Bull Case With Permitting Risks 39:58 Fixing Durability In Policy 40:53 Closing And Credits