I Remember When
I just read this in the FT:
The Biden administration plans to raise tariffs on Chinese electric vehicle imports from 25 per cent to 100 per cent, as it intensifies efforts ahead of the US election to protect American industry. (source)
I’m old enough to remember when champions of free market capitalism used to say that competition was good because it drives innovation and provides consumers with choice. We’re not seeing much innovation these days from Tesla, and Ford and GM are scaling back their EV ambitions because American consumers just don’t see the what all the fuss is about. Meanwhile, BYD is about to overtake Tesla as the market leader, and a raft of other real auto manufacturers are lined up right behind it.
Now that the barbarians are at the gate, American politicians who were once all about open markets are clamoring to protect the biggest nut case this side of Planters and whatever EV crap Ford and GM are turning out.
This is the same garbage we saw in the 1970s when Japanese manufacturers came after the big three. It was (and to a large extent still is) competition from Japan that spurred American auto makers to stop making junk-ass rust buckets and start making cars with quality.
We should welcome BYD to our market because American manufacturers need a boost like that again. Let the market decide.