Europe joins US in prepping for China trade war

Fears about the health of US democracy underpin the embrace of industrial policy by the Biden White House. Biden has retained the tariffs on China imposed by Trump and added lavish subsidies designed to reindustrialise America and give the US the lead in the technologies of the future. The White House sees these policies as crucial to the stabilisation of American society and its democratic system. Many in Europe were dismayed by America's turn towards protectionism and industrial policy. But last week's announcement of an EU investigation into subsidies for China's electric car industry suggests that Europe is starting down…