U.S. Sen. Tim Scott (R-S.C.) believes the United States needs to take a stronger stance against China, not only to make the U.S. economy stronger, but to put it in a better position to outcompete China.
Scott, the ranking member of the Senate Committee on Banking, Housing, and Urban Affairs and a GOP presidential candidate, stressed the need for strong leadership during the May 31 "Countering China: Advancing U.S. National Security, Economic Security and Foreign Policy" session before his committee.
"We must boost economic growth and competitiveness through a renewed commitment to free enterprise, free trade, rule of law, and international U.S. leadership," Scott said during the hearing. "And we must maintain our technological edge, promote capital formation, and ensure supply chain resilience."
During his speech, Scott stressed that by implementing specific solutions and new policies, the U.S. can outcompete China and create more significant opportunities for all Americans. He highlighted concerns about China's coercive economic policies and the need to protect U.S. data.
Scott called for a business environment that fosters freedom and innovation while addressing China's unfair practices. He advocated for strategic use of tools, such as sanctions and investment screening, considering the impact on communities and small businesses.
The senator also emphasized the connection between economic security and national security and the need to protect farmland and U.S. technological innovators.
He expressed concerns about what he calls the Biden's administration's "reckless spending", which has led to a 40-year inflation-high, undermining America's economic strength. Inflation numbers have been halved since their peak in 2022.
Scott spoke about fentanyl deaths facilitated by the Chinese Communist Party through Mexican cartels. He introduced the FEND Off Fentanyl Act, which seeks to target the illicit fentanyl supply chain and choke off the income of cartels and Chinese laboratories involved in its production.
He closed by saying, "Concerns about China's rising strength and aggression are certainly understandable. However, America can always outcompete China. Our economic system and our values have lifted countless people out of poverty by providing economic freedom for everyday people to work hard, apply their talents, and pursue their dreams. There's no better system in the world today."