Wolf Richter, writing for Business Insider, suggests in a column today that the "China auto bubble is emitting a sharp hiss.”

Part of the reason for the "hiss" is the increased attention of the Obama administration to China's rampant industrial subsidies, according to Tim Raif, a general counsel in the Office of the U.S. Trade Representative (USTR).

Raif recently told reporters that the Administration was “looking into” the fact that every car sold in the United States contains Chinese-made parts.

As the Alliance for American Manufacturing (AAM) has cited, more than 400,000 jobs in the U.S. auto supply chain have been lost since 2000, in part because of China’s massive subsidies, which violate World Trade Organization (WTO) rules.

Earlier this year, 188 Senators and Members of Congress sent a letter to the White House asking the Administration to investigate subsidies in China’s auto part sector.

Could the attention of both the executive and legislative branches signal a shift in policy?  1.6 million U.S. jobs in the auto parts supply chain depend on it.