U.S. national security adviser Jake Sullivan said that the Biden administration is pursuing a new global economic strategy that aims to make up for the failure to manage the rise of China and to strike a balance between market forces and public spending.
Officials now want to promote expanded U.S. capacity to produce needed goods using supply chains that can withstand natural disasters and geopolitical shocks.
The International Monetary Fund in recent weeks has warned that rising tensions between the two nations threaten to split the global economy intoPresident Biden has pushed through Congress major legislation that identifies key sectors — such as advanced semiconductors, clean energy and infrastructure — that represent the foundation of decades of economic growth, Sullivan said.
China was welcomed into the global trading system, yet continued to subsidize both traditional and advanced industries. As low-cost Chinese products gained market share, many American communities paid the price, he said. Officials promoted greater trade as an end in itself, believing that integrating authoritarian countries such as China and Russia intoInstead, Russia and China doubled down on repressive rule while income inequality widened in the United States, fueling populist resentments.
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