Here's an automotive bear case I've been thinking about. The US has effectively removed Chinese automakers from the competitive equation. BYD, Geely, XPeng and other Chinese manufacturers are expanding internationally, but an American consumer generally can't walk into a dealership and compare one directly with a GM, Ford, Tesla, Hyundai or Toyota. That obviously protects manufacturers operating in the US market from a brutal price war. But what if it also creates a long-term competitiveness pro
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