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The writer is an FT contributing editor and writes the Chartbook newsletter
Since the Biden administration passed the Inflation Reduction Act in 2022, we have been worrying about a green industrial subsidy race. Talk about Chinese “overcapacity” has perpetuated that narrative. Competitive subsidies may entail a waste of real resources and taxpayers’ money. Tariffs on solar panels and electric vehicles risk spilling over into a wider trade war.
But what if, over the…
