Shanker Singham, Chairman of the Competere Foundation and Chairman of the London-based Growth Commission, testified today before Congress at a hearing titled “Anti-American Antitrust: How Foreign Governments Target U.S. Businesses,” warning that aggressive foreign regulation of U.S. digital companies has become a major threat to economic growth and American competitiveness, and could pose a national security risk.
In his oral testimony, Singham explained that new foreign digital regulations-often modeled on the European Union's Digital Markets Act-operate as hidden trade barriers that disproportionately target successful U.S. technology firms. These rules, he said, reduce innovation abroad while imposing large economic costs on the United States. In a world where there is a battle between a US and China economic model, the US government should be especially concerned where damage to its technology companies delivers markets to China.
Drawing on Competere Foundation research and its SRB- economic model, Singham highlighted Korea as a case study. The Foundation has estimated that Korea's proposed online platform regulations could cost the Korean economy up to $470 billion over ten years, while imposing $500 billion or more in long-run losses on the U.S. economy through reduced exports and weaker incentives to innovate.
Singham urged Congress to treat discriminatory foreign antitrust and digital regulation as a core trade and economic security issue, to defend consumer-welfare-based competition policy at home, and to require U.S. agencies to quantify the economic harm caused by foreign regulatory barriers.
“Competition policy should protect innovation and open markets-not penalize success or target firms based on nationality,” Singham said.
Shanker Singham has submitted detailed written testimony expanding on these findings.
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Competere Media contact: Tristan Marquez
tristanmarquez@competerefoundation.org
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SOURCE Competere LLC
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