says the Biden administration this week is expected to increase the import tariffs on electric cars made in China from 25% to 100%, a move that may embolden regulators in the European Union to do likewise. The US also adds 2.5% on top of the base tariff just for good measure.are so cheap that if allowed to be sold in the US, they would collapse America’s auto manufacturing industry and put hundreds of thousands of US workers out of a job.
If the US is serious about a transition to electric cars, it seems illogical to essentially ban the lowest cost models that could potentially move the needle as rapidly as possible toward low-emissions transportation. That leaves the US with a Hobson’s choice in which both available paths forward come with negative consequences.. She has some interesting insights into the economic realities in China which she believes will bring about social upheaval in that country in the near future.
The root of the problem is the Communist Party’s excessive control of the economy, but that’s not going to change. It is baked into China’s political system and has only worsened during President Xi Jinping’s decade in power. New strategies for fixing the economy always rely on counterproductive mandates set by the government: Create new companies, build more industrial capacity.
This decimated manufacturing in the West, even as China protected its own markets, but the West let it slide. The cheap products emanating from China kept US inflation at bay for a generation, and the West clung to the hope that China’s economic expansion would eventually lead to a political liberalization that never came. Here’s what Yang sees happening in China next:
China’s leaders will face rising economic pressure to lower the value of the renminbi, which will make Chinese-made goods even cheaper in U.S. dollar terms, further boosting export volume and upsetting trading partners even more. But a devaluation will also make imports of foreign products and raw materials more expensive, squeezing Chinese consumers and businesses while encouraging wealthier people to get their money out of China.
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