Headline inflation has come down from around 9% at its peak to around 3% as of late July, and nearly all other inflation indicators have also declined, while unemployment has remained below 4%, contradicting earlier predictions that a recession would be necessary to bring inflation down.

The inflation reduction act's requirement that EVs use critical minerals sourced from the US or free trade agreement countries was intended to onshore critical minerals processing to America, representing the 'onshoring' or autarky-oriented approach to de-globalization.

China is now facing multiple simultaneous crises including zero-COVID lockdowns that hurt the economy, major unemployment spikes (over 20% youth unemployment reaching record levels), real estate sector collapse after earlier recovery expectations, and a growth slowdown that is much more severe than initially expected after lockdowns ended.

Congress members, even those usually allied with the Biden administration like Ron Wyden and Richard Neal, have criticized the administration's critical minerals agreements with Japan because they prioritize de-risking from China over creating domestic US mining and processing jobs.