Market Overview Analysis by Charles-Henry Monchau covering: . Read Charles-Henry Monchau's latest article on Investing.com
Over the past few decades, the global landscape of technological research has undergone an unprecedented transformation. While the United States once dominated this strategic field, China has gradually taken the lead, becoming today’s world leader many critical technologies.
This institution, now leading in 31 out of 64 critical technologies, exemplifies China's approach of combining a high volume of research with scientific excellence to dominate strategic fields. As highlighted by the World Bank, China's R&D spending relative to GDP has steadily increased, narrowing the gap with the U.S. from 1.89% to 1.03% in 2020.
Moreover, China has leveraged its enormous industrial base to accelerate the transition from research to production. While other countries like the United States still excel in technology commercialization, China is quickly catching up by making colossal investments in manufacturing and industrialization, yet this does not necessarily translate into immediate dominance in production but rather reflects a deliberate effort to close the existing gaps.
In addition to these barriers, losing market share in advanced industries means the loss of well-paying jobs. For example, salaries in information technology are, on average, 75% higher than the general U.S. wage, so job losses in these sectors can lead to a substantial long-term reduction in aggregate well-being.
This aggressive measure is designed to shield domestic automakers from the influx of competitively priced Chinese EVs, which have been bolstered by substantial government subsidies and advancements in battery technology. These tariffs not only aim to protect the local market, but also to reduce dependence on Chinese technology, which has become increasingly integrated into global supply chains.
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