Discourse on Biden's China tariff push has also over-covered EVs (where the US imports very little from China) and heavily under-covered batteries (where the US imports a ton from China)

Over the last 12M US net battery imports from China have been higher than all net EV imports

Used car prices are down 6.9% over the last year and are now at the lowest level since May 2021, helping to cool down the CPI

Wholesale used vehicle data from Manheim also suggests more price declines are on the way and should pass through to CPI over the next couple of months

Housing inflation continues slowly cooling—monthly rent price growth has slowed to the lowest levels since mid-2022

NEW:

CPI Inflation rose to 3.4% year-on-year, growing 0.3% month-on-month

Core CPI inflation declined to 3.6% year-on-year, the lowest level since April 2021, growing 0.3% month-on-month

US manufacturing has a massive fundamental problem—it hasn't seen productivity growth in 17 years

That makes it increasingly impossible for the US to compete in key areas, and the recent industrial policy push will fail unless it can end that stagnation🧵
apricitas.io/p/americas-man…

The total electric/hybrid share of new US vehicle sales dropped in Q1, led by the first fall in EV market share since the start of the pandemic. Tough start to the year for EV makers, especially Tesla.