US, China protectionism race benefits no one

News Snapshot:

Chinese industrial subsidies have been an issue of contention for manufacturing and technology competitors in the United States, Europe and Japan. Now the US subsidies have started a global race to the bottom. This development has significant implications for the rest of the world. To counter competition from China, the US is becoming more like China. Even countries that don’t have the fiscal capacity or firepower like Australia and Japan have joined the game. Japan has record high public debt but is spending like it did in the 1980s, citing economic security. The Albanese government has unveiled its Future Made...