Download On July 25-26, 2024, the Potomac Institute for Policy Studies and Texas A&M University’s Bush School of Government and Public Service hosted a summit on economic statecraft. Economic statecraft is traditionally understood as using economic tools of national power to pursue a nation’s goals. The increasing weaponization of economics by US rivals has left key US industries and markets vulnerable, reduced trust in institutions, and endangered US security and prosperity. While prolific, and with varied success, the US government (USG) lacks a broad strategy to coordinate response to such activities, and current efforts have been disparate and disconnected. Accordingly, the goal of the summit was to establish a collaborative foundation for countering adversarial economic statecraft. Panelists across government and industry shared views on adversarial economic practices, US responses, and what would define success in the future. Key themes included: National values and free market principles are central to US economic statecraft.  International markets exhibit symptoms of failure due to rivals’ intentionally non-competitive (e.g., monopolistic) behavior which can impact US national security interests.  USG institutional structures and processes impede effective economic statecraft. This is complicated by the absence of a lead USG entity designated to orchestrate economic statecraft tools and authorities.  The USG lacks analytical tools to sufficiently gather, process, and share economic statecraft data for priority, action, decision, and evaluating effectiveness of actions taken.  There is divergence between market-driven incentives and the desires of businesses to support USG economic statecraft.  The summit produced several proposals for immediate action, including: Create an overarching national strategy and doctrine for economic statecraft and spur the legislative and executive branches to enact and align organizational, cultural, and institutional changes required for the US to engage in and oversee effective economic statecraft. Foster the intellectual foundations of economic statecraft and refine conceptual and practical approaches. Advance awareness of challenges and opportunities and induce action by engaging invested stakeholders and intellectual leaders in economics and national security. Specify appropriations and authorizations for economic statecraft activities to clarify and enhance the prioritization, oversight, and employment of economic instruments (disparately and together) for US strategic interests. Engage more deeply with allies and partners in the public and private sectors. Effective US economic statecraft relies on a robust discourse with new and old international partners, relationships underpinned by shared values in pursuit of sustained prosperity and security. Additional recommendations outlined in this paper include specific institutional changes for Congress and the Executive Branch and how economic intelligence and information is gathered, assessed, shared, and used. Economic statecraft is a viable tool for ensuring US future prosperity and security. Institutional and policy adjustments will need to be made moving forward in collaboration with close partners and allies. Policymakers must work to better understand private sector incentives, to identify when and how they might diverge from strategic interests, and what to do about it. Left unchecked, asymmetric economic activities by competitive rivals will leave key US industries and markets vulnerable, reduce trust in institutions, and stress the very fabric of American society, leaving our security and prosperity in peril. List of Organizations Represented by Summit Panelists and Speakers AFWERX Atlantic Council Business Executives for National Security Capitol Peak Strategies Carlyle Group Center for a New American Security Council on Foreign Relations Defense Advanced Research Projects Agency EchoStar Corporation Embassy of Australia Embassy of Germany Export–Import Bank of the United States Fathom Consulting First In Flagship Pioneering Foundation for the Defense of Democracies Future Union Galois George Mason University Hoover Institution H. Whitney Japanese Ministry of Economy, Trade, and Industry Johns Hopkins University Applied Physics Lab K2 Integrity Marque VC Massachusetts Institute of Technology Massachusetts Institute of Technology Lincoln Laboratory Massachusetts Institute of Technology School of Management MITRE Corporation Neoterra Partners Office of the Under Secretary of Defense for Acquisition & Sustainment Office of the Under Secretary of Defense for Intelligence & Security Office of the Secretary of the Air Force Concepts, Development, and Management One Defense Partnership for Global Infrastructure and Investment Pointe Bello Potomac Institute for Policy Studies Terranet Ventures Texas A&M University US Agency for International Development US Air Force Office of Special Investigations US Department of Agriculture US Department of Commerce US Department of Defense Office of Strategic Capital US Department of the Navy US Department of State US Department of Treasury US House of Representatives US Joint Chiefs of Staff J-7 Directorate for Joint Force Development US Senate Washington and Lee University Wiley Rein LLP Zero Knowledge Consulting