by Steve Milloy, E&E Legal Senior Policy Fellow and NEP Executive Director
As appearing on FoxNews.com
The American economy is dangerously reliant on Communist China. Many in government and business know this, but hardly anyone has done anything about it.
One important step toward addressing this vulnerability is greater transparency. A petition recently filed with the Securities and Exchange Commission urges the agency to require publicly traded companies to disclose to shareholders the material risks created by deep supply chain dependence on China. Investors deserve a clear accounting of just how exposed corporate America has become.
This is no hypothetical exercise or war game. U.S. corporations have outsourced vital consumer production to a geopolitical rival that is openly committed to displacing America as the world’s leading power. China’s appetite for Taiwan may very well become a near-term flashpoint.
Corporate reliance on China has resulted in a supply chain so brittle that an abrupt break in relations — whether from war, embargo or economic coercion — could cripple our defense, healthcare, technology and consumer economy overnight.
