At Davos, U.S. Treasury Secretary Scott Bessent clarified a critical distinction: putting America first in policy doesn't mean withdrawing from global economic engagement. The statement matters for markets watching how U.S. fiscal and trade policies will actually play out. Whether it's international commerce, capital flows, or asset correlations—how America recalibrates its economic relationships shapes everything downstream. The nuance here: prioritizing national interests while maintaining strategic partnerships suggests a more balanced approach than some feared. For anyone tracking macro trends and their ripple effects across markets, this signals the administration isn't pursuing full isolationism.