US Democrats demand measures against China - Aim to limit Chinese overproduction to protect domestic industry
Democrats in the US have called for the Trump administration to pressure China to curb “structural overproduction.” Such a move would completely change Beijing’s economic model.
Members of a House of Representatives committee on China said any bilateral trade agreement should include binding requirements for China to reduce excess industrial capacity.
China produces far more goods than it consumes domestically, which has led to massive exports and price wars in its domestic market. While Chinese officials have dismissed US claims of overcapacity, they have launched a campaign against deflation and price wars in some sectors.
US representatives have begun discussions in Madrid with a Chinese delegation to discuss the issue.
The letter from the congressional committee describes the “historic and devastating” impacts that structural overproduction has had on American industry, as well as on the stability of international markets.
Sectors like steel and solar panels were cited as examples where large production expansions helped massive exports that drove down prices and hit producers in the US and other countries.
The world's two largest economies reached a truce on triple-digit tariffs, which was extended for 90 days last month. However, the sides are still searching for a lasting trade deal that would restore international stability.
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