Opinion: Donald Trump is hardening his threat to 'decouple' the US economy from China’s. The prospect that, if he were to win re-election in November, he might follow through with that ought to send shivers through corporate America and their western peers
Donald Trump is hardening his threat to "decouple" the US economy from China’s. The prospect that, if he were to win re-election in November, he might actually follow through with that threat ought to send shivers through corporate America and their western peers.
The language is typically clumsy, almost incoherent, and the understanding of trade as flawed as usual but the threat of an attempt to completely sever the economic relationships with China is, given the administration’s history, real.
He is making China a key plank in his re-election platform, trying to convince US voters that Biden and the Democrats would be soft on China – "if Biden wins China wins, because China will own this country" – even though Biden and the Democrats are also hawkish on China, albeit wary of inciting a new Cold War.
Trump said on Monday that US farmers were "very happy’ with him citing the near-$US30 billion of assistance provided to farmers to offset the impact on China’s retaliatory tariffs. US farm bankruptcies have risen to their highest levels in nearly a decade despite that US taxpayer-funded assistance. The US dollar is the world’s reserve currency. It doesn’t appear to have dawned on the administration that supplying the rest of the world with dollars implies running large current account deficits.
US companies generate about five per cent of their global revenues and hundreds of billions of dollars of profits a year from a market that is, for some of America’s biggest companies, fast becoming, if it isn’t already, a bigger market than their domestic market.
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