“President Biden is warning that a new surge of cheap Chinese products poses a threat to American factories. There is little sign of one in official trade data, which show that Chinese steel imports are down sharply from last year and that the gap between what the United States sells to China and what it buys is at a post-pandemic low,” the New York Times reports.
“But the president’s aides are looking past those numbers and fixating on what they call troubling signs from China and Europe. That includes data showing China’s growing appetite to churn out big-ticket goods like cars and heavy metals at a rate that far exceeds the demand of domestic consumers.”
“China’s lavish subsidies, including loans from state-run banks, have helped sustain companies that might otherwise have folded in a struggling domestic economy. The result is, in many cases, a significant cost advantage for Chinese manufactured goods like steel and electric cars.”
