Bond yields rise as traders brace for the US-China trade war to escalate

Indeed, even as Yellen was meeting with senior Chinese officials, the Biden administration unveiled a fresh grant of $US6.6 billion in grants to Taiwan Semiconductor Manufacturing Company, the leading maker of the most advanced microchips, as part of a drive to attract the world's most sophisticated semiconductor technology to the US. The Biden administration is spending trillions of dollars to bolster US manufacturing of items such as semiconductors, lithium-ion batteries, solar panels and electric vehicles to reduce the country's dependence on China. The problem is that the financial viability of these very industries is being threatened by a flood of…