The Next China Shock Is Here

This is an edited transcript of “The Ezra Klein Show.” You can listen to the episode wherever you get your podcasts. The biggest economic story in the world right now is China’s growing dominance across advanced manufacturing sector after advanced manufacturing sector — from electric vehicles to batteries to solar panels to software like A.I. and open models, where they’ve become a world leader. What is happening here is very different than what we call the first China Shock, when China became a big exporter of things that were not…

Trump’s 2025 Trade Agenda: A New Tax on Imports and a Split from China

Former President Donald J. Trump is planning an aggressive expansion of his first-term efforts to upend America’s trade policies if he returns to power in 2025 — including imposing a new tax on “most imported goods” that would risk alienating allies and igniting a global trade war. While the Biden administration has kept tariffs that Mr. Trump imposed on China, Mr. Trump would go far beyond that and try to wrench apart the world’s two largest economies, which exchanged some $758 billion in goods and services last year. Mr. Trump…