"There has been a lack of further progress toward the Federal Reserve's 2 percent inflation objective in recent months, and we remain highly concerned about inflation risks," Fed Chairman Jerome Powell said on May 1.

While Powell said the Fed's next move is "unlikely" to be a rate hike, stubborn inflation appears to have put the central bank on a path to delay rate cuts.

At the same time, a variety of economic data has been released in the United States, such as a weaker-than-expected jobs report and data showing manufacturing activity contracted in April. Weekly jobless claims unexpectedly rose to their highest level since August 2023.

The Conference Board's recently released consumer confidence index showed that consumer confidence in April hit its lowest level since July 2022.

The US Treasury Secretary again hyped up the so-called China's "excess capacity theory" and was questioned

Recently, in an interview with the American public media economic radio, US Treasury Secretary Janet Yellen once again hyped China's so-called "excess capacity" in electric vehicles, solar energy and other fields, and was questioned by the host.

Kay Resdall, American radio host:

I want to ask you about one of the key points of this visit, which you mentioned about the overcapacity of electric vehicles, batteries, these advanced products. Is it possible that we are simply being beaten by China in these areas?

We don't think the competition is fair. We believe that China is massively subsidizing areas that they believe are critical to economic development.

Do they have more subsidies than our chip Act and Inflation Reduction Act? We (the US) have invested billions of dollars, you (the US government) have invested billions of dollars.

In August 2022, the Inflation Reduction Act was signed into law by U.S. President Joe Biden, allowing the issuance of about $369 billion in subsidies to try to promote the production and application of electric vehicles and other green technologies in the United States through high subsidies.

The Chip and Science Act, which was enacted around the same time, also allocated about $50 billion to stimulate domestic semiconductor production in an attempt to "repatriate" chip manufacturing through huge industry subsidies and overbearing provisions that stifle competition.

The German Iffer Institute for Economic Research reported that the US approach has brought the threat of "deindustrialization" to Germany, and the German industrial structure will be damaged.

Kim Ju-hwan,a professor of international industrial informatics at Kyonggi University in South Korea, said that both the Inflation Reduction Act and the Chip and Science Act reveal the essence of the hegemonic thinking of the United States.

Want to "black hand" again? China's connected cars could be banned from the US

After the United States repeatedly adopted unreasonable sanctions to suppress certain Chinese companies, the United States may take "extreme measures", that is, ban Chinese connected cars from entering the United States.

At that time, on May 7, the United States had revoked Huawei's license to buy semiconductor chips from Qualcomm and Intel, further tightening the export restrictions of the two companies against Huawei. Only two days later, the United States cracked down on Chinese cars. The report said that this is since the U.S. government launched a survey in February

Senator Sherrod Brown, chairman of the Senate Banking Committee, said on May 8 that he had urged the Commerce Department in a document to "ban all Chinese connected car and smart vehicle technologies designed, developed, manufactured, or supplied by China."

On February 29 local time, Biden ordered an investigation into Chinese-made connected cars, citing "potential national security risks." Raimundo told Reuters on May 8 that the Commerce Department was reviewing public comments submitted by April 30.

"We have to digest all the data and then decide what action we want to take." We can take the extreme step of banning Chinese connected cars from entering the United States, or we can pursue mitigated measures." Biden administration to quadruple tariffs on Chinese electric cars? Us analysts warn: China will fight back

As the Biden administration concluded its review of tariffs on China during the Trump era, many US media recently said that Biden, who is seeking re-election, intends to impose tariffs on key strategic sectors such as clean energy.

On May 10, it was revealed that the White House will raise tariffs on Chinese electric vehicles to about 100% next week. However, US analysts, industry unions and others warn that the "game of power" provoked by Washington will not only hurt the US economy, but also may lead to China's counterattack.