Economic news
White House warns China using overproduction for global dominance
2024.10.17 16:52
WASHINGTON (Reuters) – Data showed that China had a significant overcapacity and was making far more goods than it needs in order to overtake global markets, White House official Daleep Singh said on Thursday.
Singh added China had amassed a growing amount of market power and was using it in way that gave it economic and geopolitical leverage.
“So that’s the problem, and it’s not abstract. You can see it in the numbers,” Singh told an event hosted by the Alliance for American Manufacturing. “They’re a big outlier and we’ve got to do something about it.”
