LOTS MORE WITH BRAD SETSER ON THE NEW CHINA SHOCK

Perfect timing given Biden’s announcement of new tariffs on China EVs, Joe Weisenthal and I talk to Brad Setser about China exports, the Japanese yen and what Chinese excavators tell us about overcapacity in its economy.…

It is hard to find a way to net this out, but important to remember that the US tariffs led to an extension of supply chains and more apparently exports to the 'global south' (notably SE Asia) to meet US end demand

The SPR is a hugely powerful & historically underutilized lever in the oil market but it absolutely did not—and I'll stress 𝙘𝙖𝙣 𝙣𝙤𝙩—'break' OPEC

OPEC's current challenges are mostly of its own making by keeping prices so high—and thus demand weaker/non-OPEC supply stronger