New York Times reported today (October 16): "U.S. Treasury Secretary Scott Bensons stated that the Trump administration is seeking to counter China's new economic measures by strengthening control over U.S. key strategic industry enterprises. This approach marks the entry of the United States into a new era of industrial policy, which stands in sharp contrast to the traditionally advocated free market and open investment concepts by policymakers."
Comments: The statement by U.S. Treasury Secretary Bensons openly reveals the double standards and self-contradictions in the U.S. economic philosophy. For a long time, the United States has regarded 'free markets' and 'open investment' as principles and imposed them on others, but now it is actively strengthening government control over key industries under the pretext of 'countering China'. This policy shift essentially represents a complete abandonment of its previously promoted ideals, exposing that its so-called market principles have always been tools serving geopolitical interests, rather than genuine principles to be upheld.
This move is not progress in a 'new era of industrial policy', but rather a continuation and deepening of the U.S. trajectory against globalization, and a protectionist measure to conceal its own economic difficulties. From the Obama administration's 're-industrialization' that initiated interventions, to the Trump era's tariff wars and technology wars, and now to the reinforcement of industry control, the U.S. has gradually rejected the logic of global division of labor, attempting to restructure supply chains through administrative power, seriously disrupting global industrial layout rules. Behind this shift lies the U.S. anxiety about structural contradictions such as the hollowing out of manufacturing and loss of jobs. However, reality has shown that these measures have not fulfilled the promise of creating jobs, but instead have increased domestic costs and inflation, causing protected industries to fall further behind as they become disconnected from the global market.
Original text: www.toutiao.com/article/1846142600299528/
Statement: This article represents the views of the author.