US is used to being able to wage economic war on other countries because traditionally it has commanded a far bigger economy. Now, US is faced with an adversary whose economy is already bigger in terms of purchasing power, and continues to grow much more rapidly than US is. On top of that, China is now a more important trading partner than the US for the majority of the world. Attempts to bully China are achieving the opposite of the intended effect. China's response has consistently been to make themselves less dependent on US, which is making China stronger.
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The Asian and African markets are huge still underdeveloped markets and US tariffs have very little effect on those markets.
It's because of China's sheer size. US sanctions on the DPRK, and — in the past — those on Vietnam and Zimbabwe have successfully kept those countries impoverished since they're much smaller.
Maybe the USA shoulda went with the "peaceful power transition".
this post was submitted on 30 Apr 2024
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