Washington accuses China of producing too many goods and demands “free market” policies. But the US government is spending trillions on industrial policy to protect its own manufacturing sector. Ben Norton details the hypocrisy of the “overcapacity” allegations: the latest strategy in the US economic war on China.
Topics
0:00 Intro
1:00 Chinese ‘overcapacity’ allegations
3:38 Janet Yellen
5:21 US vows to ‘slow down China’s rate of innovation’
8:02 Elon Musk begs for tariffs on Chinese EVs
10:40 US wants China to be economically subordinated
12:27 US tech war on China
14:39 Western industrial policy
16:31 Protectionism
18:38 US Inflation Reduction Act
20:12 US Chips Act
22:03 US undercapacity is the real problem
25:11 BYD has just 1.5% of EU EV market share
27:04 China’s car exports vs Japan & South Korea
30:37 Is overcapacity a problem?
32:39 Outro
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In recent years, the United States has increasingly accused China of producing too much, leading to a global overcapacity of goods and creating unfair competition in the international market. This new tactic in the ongoing economic war between the two superpowers has sparked heated debates and raised concerns about the future of global trade.
The accusations from the US are mainly focused on China’s steel and aluminum industries, which have been accused of flooding the market with cheap products, driving down prices and squeezing out competitors from other countries. This alleged overproduction has led to a surplus of these goods in the global market, causing prices to fall and impacting the profitability of overseas manufacturers.
The US has taken several measures to address this issue, including imposing tariffs on Chinese imports and calling for stricter regulations on Chinese exports. These actions have escalated tensions between the two countries and triggered retaliatory measures from China, further intensifying the economic conflict.
Critics of the US accusations argue that China’s alleged overproduction is a result of market forces and increased demand, rather than a deliberate strategy to flood the market with cheap goods. They also point out that the US itself has faced accusations of overcapacity in various industries, such as steel and agriculture, and that this new tactic is simply a way for the US to gain a competitive advantage in the global economy.
Despite the ongoing debate, the accusations of overproduction from the US have put a spotlight on China’s industrial policies and raised questions about the sustainability of China’s economic growth model. The Chinese government has vowed to address these concerns and take steps to reduce overcapacity in key industries, but the effectiveness of these measures remains to be seen.
Overall, the accusations of overproduction from the US represent a new front in the economic war between the two countries, with far-reaching implications for global trade and the future of the global economy. As tensions continue to escalate, it is crucial for both sides to engage in constructive dialogue and find mutually beneficial solutions to address the underlying issues driving this conflict. Only through cooperation and collaboration can we ensure a stable and prosperous global economic future.
The American theory is going to be bad for America, if it boycott China's products will result to USA left behind because the world follows the leader all they can do is to compete with all might. China will still sell whether USA boycott or not, Russia, Africa, South America and most of the world will continue buying from China and USA will remain stuck.
China has been working very hard and what has the USA been doing. USA is finished along with UK and most of Europe
They are crooked people
The U.S lives in a fool's paradise. It is trying to browbeat China to force it to follow its dictats. That will not happen. America wants to stop exporting certain high tech stuff. China will develop them. America will lose a market permanently. If America launches a cold war, China will ride out the storm. It will have BRICS to support it. Without China, the U.S economy will take a big blow. The economic problems that America is facing is its own creation. America wants others to bail it out. That will not happen. America is in no position, economically and militarily, to threaten China.
Why worry about overcapacity as it helps to fight the US inflation making goods cheaper and affordable for the Americans.
There is a lot of fresh water, produced by the weather so much … most of them is free.
Everyone want more freebies. No one want to pay more.
very good