It is true that while the US sought overseas markets, the Europeans had exhausted their markets as well and sought new markets mainly in Australia and South America.
The markets, which have a potential of becoming a good location for the purpose of trade of the products from one country to another, generally involving cross-border transactions are known as overseas markets.
After the beginning of the Industrial Revolution, America was slow in its pace to catch the speed of the growth in the overseas markets, and thus Europe captured such markets as they had a first-mover advantage.
Hence, the statement regarding overseas markets is TRUE.
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