China’s Shock To Global Economy Is Here | Brad Setser

This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Brad Setser, Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR), returns to Monetary Matters to share how China’s growing export dominance is squeezing the balance of payments position of the U.S., Europe, and many other countries as well. Recorded on October 10, 2025. Relevant articles by Brad: “China’s Stealth Trade Surplus”: https://www.cfr.org/blog/chinas-stealth-trade-surplus “China’s Data Still Doesn’t Add Up”: https://www.cfr.org/blog/chinas-data-still-doesnt-add “China’s New Intervention Rule”: https://www.cfr.org/blog/chinas-new-intervention-rule “China is also Fighting a Trade War with Europe (and Winning)”: https://www.cfr.org/blog/china-also-fighting-trade-war-europe-and-winning “The Case that China is Now Actively Resisting Pressure on the Yuan to Appreciate”: https://www.cfr.org/blog/case-china-now-actively-resisting-pressure-yuan-appreciate Follow VanEck on Twitter https://x.com/vaneck_us Follow Julian Brigden on Twitter Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps 00:00 Intro 00:33 VanEck $SMHX Pre-roll 02:01 China's Export Dominance 06:20 China Is Buying Foreign Exchange Via State-Owned Banks 15:42 Who Is Paying The U.S. Tariffs? 17:52 Companies Are Paying Tariffs And Not Really Passing Costs Onto Consumers (So Far) 19:07 VanEck $SMHX Midroll 20:07 Will U.S. Imports From China Go To Zero? 26:20 Capital Flows Post-Liberation Day 29:23 What Is Gold Telling Us? 38:58 Chinese Yuan: Is China "Cheating" At Trade By Devaluing The Yuan? 46:24 Foreign Investment Deals Into The U.S. (FDI) 51:28 U.S.' $20 Billion Support Package for Argentina 1:04:20 VanEck $SMHX Endroll #china #chinaeconomy #trade #globalfinance #investing #macro #macroeconomics #economy #tariffs #trumptariffs #balanceofpayments #eurodollar

Added 23 Jul 2026