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Scott Bessent says China must move away from export overcapacity and American overreliance: 'Everyone knows it needs to change'

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Bessent, in remarks to the Institute of International Finance, said, "America first does not mean America alone."
Scott Bessent, a former Soros Fund Management CIO and founder of Key Square Capital Management, argues in a Fortune article that the U.S. needs to address its overreliance on Chinese exports, which he attributes to China's overcapacity in manufacturing. He highlights that China's strategy of flooding global markets with cheap goods, particularly in sectors like electric vehicles and solar panels, has led to significant trade imbalances and threatens American industries. Bessent suggests that the U.S. should implement policies to reduce this dependency, such as increasing domestic production and diversifying supply chains, to protect its economic interests and national security. He emphasizes the urgency of these measures given the geopolitical tensions and the need for the U.S. to maintain its competitive edge in the global economy.

Read the Full Fortune Article at:
[ https://fortune.com/article/scott-bessent-china-export-overcapacity-american-overreliance-needs-change/ ]