It’s defend yourself, or get crushed by China’s export tsunami

whether it likes it or not, otherwise Europe will alone face the concentrated trade shock from Xi Jinping’s predatory mercantilism.

China will eventually wipe out the West’s electric car industry because its carmakers can make a much fatter profit per car overseas.An open world economy cannot coexist under normal trade patterns with a deformed Chinese economy that accounts for 13 per cent of global consumption but produces 31 per cent of global manufactured goods. This imbalance is not the result of natural trade flows.

China’s export tsunami was tolerated by Western governments, but we now know the damage it did to the cohesion of the Western democracies., concluded that the overall effect cost 2.4 million American jobs directly, lowered real wages, and devastated local communities in rust-bowl regions.

Washington is not going to tolerate this second and even larger China Shock. “They’re driving manufacturing companies out of business in Europe. We won’t let that happen here in America,” said Joe Biden.“We’re not going to let China flood our market. The future of EVs will be made in America by union workers. Period,” he said.

China’s output of solar cells was 310 gigawatts in 2022, 567 GW in 2023, and heading for 1,000 GW next year – five times the total installed capacity in the US to date.

Source: Financial Digest (financialdigest.net)

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