Last Friday, a number of media reports suggested that the Biden administration was considering opening a Section 301 investigation into China's industrial subsidies (see Bloomberg [https://www.bloomberg.com/news/articles/2021-09-10/biden-team-weighs-china-trade-probe-in-bid-to-pressure-beijing] , Financial Times [https://www.ft.com/content/76dd1430-bd4b-4f6f-954a-40ab0d636e74], Wall Street Journal [https://www.wsj.com/