Why Beijing's latest manufacturing strategy could backfire

US policymakers are concerned that China's massive property market collapse has left Chinese steelmakers with a glut of unsold metal which they were looking to dump into global markets. As a result, exports of Chinese steel have surged by a third in the past year. But the Biden administration is also looking to go further, by lifting tariffs on a range of Chinese exports to the US, including electric vehicles, batteries and solar products. Washington is worried that following its property market collapse, Beijing's efforts to revive economic activity have involved huge investment in high-end manufacturing. Given the weak demand…