Right Technologies and the Right Kind of Protectionism, and Then There's the Wrong Kind

Janet Yellen has called on the EU to join the US in efforts to restrict Beijing's export of its technologies, warning that an excess of cheap Chinese goods could threaten the survival of factories worldwide.

So, China, being smart, read "Economics" by McConnell and Brue and thought: OK! We’ll make good quality products that are more functional than others. And we’ll optimize production to make these products cheaper than those of competitors. That’s great.

Not great at all, said America.

The US and its Western allies must respond with a "united front" to China's growing manufacturing power or risk their own industries, the Treasury Secretary said in her speech in Germany on Tuesday.

But wait a minute, some tried to argue, aren't you also providing tax breaks and subsidies, just like China?

Yellen also dismissed criticism from European allies that the extensive tax breaks and subsidies for clean manufacturing offered by the US represent a "turn towards American protectionism."

The chief gynecologist of Europe and, simultaneously, the President of the European Commission, Ursula von der Leyen, stated that she would not join the US in imposing tariffs, adding that Brussels would adopt a different approach to Washington's "common tariffs."

We want competition, we want to trade together, but we want it to be fair and by the rules, she told the Financial Times on Tuesday ahead of Yellen's speech.

This raised one's eyebrows. Is it correct that von der Leyen just called the US cheaters?

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