China’s export boom goes far beyond the high-tech industries that are in Western crosshairs, leaving Beijing at risk of a backlash from countries that have so far preferred to sit on the trade-war sidelines.
The European Union is poised to slap tariffs on Chinese electric vehicles this week, the latest example of rising barriers to global trade. The U.S. already made a similar move, and Canada may follow suit. Few other nations have raised that particular concern, since most don’t have their own EV industries to protect.
But China’s surplus in manufacturing trade, which is close to record levels, points to a much broader surge in exports. It encompasses not just green-energy goods but all kinds of products — from steel to animal feed — that are getting harder to sell at home, where a real estate slump is slowing the economy.