The US president is increasingly hitting back with tariffs and other measures meant to restrict imports of China’s green and other goods, raising tensions with Beijing.
| Joe Biden’s trillion-dollar effort to invigorate American manufacturing and speed a transition to cleaner energy sources is colliding with a surge of cheap exports from China, threatening to wipe out the investment and jobs that are central to the president’s economic agenda.
“It is a very clear and present danger, because the industrial policy of the Biden administration is largely focused on not the traditional low-skill, low-wage manufacturing, but new, high-tech manufacturing,” said Eswar Prasad, a Cornell University economist who specialises in trade policies.
Some of that assistance comes with strings attached. The administration has conditioned federal money on companies paying relatively high wages or providing child care for workers. Other credits are conditioned on factories drawing on components that are mined or produced domestically. Administration officials are mindful of how previous surges of cheap Chinese exports of steel and aluminium hollowed out US manufacturing hubs in previous decades.
“On the other hand, it is warning China against the sale of cheap renewable energy products, which would boost American consumption of the very products we’re trying to encourage.”
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