China’s export surplus of cars and electronics helps the fight against inflation. But lower-priced Chinese goods threaten Biden’s hopes of boosting U.S. factory jobs.
Employees work on a washing machine production line in February at a Haier factory in Qingdao, in China's Shandong province. Chinese factories are flooding global markets with cars, appliances, computer chips and electronics, setting the stage for a fresh round of trade tensions with the United States and Europe, economists said.China’s output dwarfs its domestic needs — especially with a property bubble weighing on the economy — so prices for its goods are falling. In February, U.S.
Chinese automakers already are Mexico’s top supplier. China’s BYD, backed by Warren Buffett, sells one electric model for about $15,000, which helped it overtake Tesla late last year as the world’s largest EV producer. But Chinese vehicles eventually might land here via South Korea or other nations that have free-trade agreements with the United States, analysts said.“Excessive production capacity is a relative concept. One cannot limit demand to one country or region, but need to see things in the context of economic globalization,” said Liu Pengyu, head of the embassy’s information and public affairs section.
In December, Chinese leaders meeting in their annual central economic work conference acknowledged problems including a lack of domestic demand and “
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