WASHINGTON, Reuters The United States will use restrictive tools like tariffs to push back against China39;s practice of making far more goods than it needs in order to dominate global markets, White House official Daleep Singh said on Thursday.
Singh, deputy national security adviser for international economics, said the Asian giant has amassed growing market power that it uses for economic and geopolitical leverage, and Washington viewed the costs as unacceptable.
So that39;s the problem, and it39;s not abstract. You can see it in the numbers, Singh told an event hosted by the Alliance for American Manufacturing. They39;re a big outlier and we39;ve got to do something about it.
Beijing and Washington have had tense relations for years due to multiple issues ranging from trade tariffs and the origins of COVID19 to human rights, intellectual property and Taiwan. Singh gave no details on any new measures being considered by Washington.
Data showed that China had a significant overcapacity relative to projected demand for electric vehicles, batteries or semiconductors, Singh said, noting that Chinese producers were reporting persistent losses.
We39;re seeing an unrivaled level and rate of growth in China39;s subsidies, and … forget about the numbers, look at their public pronouncements to dominate key sectors and diffuse them with military preeminence, Singh said at the event, a week before finance officials from around the world gather in Washington for the…