The Biden administration says China is producing too many products for the global economy to absorb.
Share on linkedin Treasury under secretary for international affairs Jay Shambaugh testifies before a Congressional hearing last year. Photo: Valerie Plesch/Bloomberg via Getty Imageson Chinese imports in a speech Wednesday afternoon by a top Treasury Department official.Biden-era tariffs were intended to head off what officials see as a threat to the global economy: China producing more clean-energy goods than the world can absorb, distorting global prices.
Shambaugh will acknowledge there is no "single test or condition that indicates overcapacity." But the Biden administration points to signs that it says demonstrate the overcapacity issue is real: Industrial firms in China are losing money, but few are going out of business — a sign that government support is propping these companies up and adding to supply.
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