• 570 days Will The ECB Continue To Hike Rates?
  • 570 days Forbes: Aramco Remains Largest Company In The Middle East
  • 572 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 972 days Could Crypto Overtake Traditional Investment?
  • 976 days Americans Still Quitting Jobs At Record Pace
  • 978 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 981 days Is The Dollar Too Strong?
  • 982 days Big Tech Disappoints Investors on Earnings Calls
  • 983 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 984 days China Is Quietly Trying To Distance Itself From Russia
  • 985 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 989 days Crypto Investors Won Big In 2021
  • 989 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 990 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 992 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 992 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 996 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 996 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 996 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 999 days Are NFTs About To Take Over Gaming?
After Long Silence, McDonald’s, Coca-Cola to Exit Russia

After Long Silence, McDonald’s, Coca-Cola to Exit Russia

“McDonald’s has decided to temporarily…

Russia Considers Nationalizing Foreign Businesses

Russia Considers Nationalizing Foreign Businesses

The Russian government is reportedly…

Western Companies Are Being Shamed Into Leaving Russia

Western Companies Are Being Shamed Into Leaving Russia

“Companies that fail to withdraw…

  1. Home
  2. News
  3. Breaking News

COVID: Part II Of The US-China Cold War

US-China Cold War

Against the reservations of medical experts and intelligence agencies, US President Donald Trump refuses to back down from his claim that coronavirus originated in a Chinese laboratory. After initially praising China’s response to the crisis, the president has changed his tune over the past few days, escalating a war of rhetoric with China over the pandemic and the concealment of early data on the outbreak. China, says Trump, could have stopped the disease from spreading. (Though, he has also criticized the World Health Organization (WHO) and withdrawn US funding).

Trump has also accused China of desiring his election defeat in November. 

Larry Kudlow, Trump's top economic adviser, told CNBC last week that the United States will hold China accountable for the coronavirus pandemic. 

“On the China business, it’s up in the air. They are going to be held accountable for it. There’s no question about that. How, when, where and why — I’m going to leave that up to the president,” Kudlow said.

The Trump administration is weighing a long-term plan to punish China on multiple fronts for the coronavirus pandemic, including leveling new tariffs on imports from China. 

The administration is reportedly considering stripping Beijing of its sovereign immunity, as well, which would allow the US government or private citizens to sue China. 

Another idea on the table is canceling some or all of the interest payments on the more than $1 trillion in debt the US owes to China. 

Also, since early February, dozens of bills, initiatives or proposals related to China have been introduced in Congress.

The latest proposal came from Republican congressman Matt Gaetz who said that the US should seize the assets of Chinese businesses operating in the U.S. to cover coronavirus damage payments.

“Instead of bailing out Chinese businesses in the United States, we should seize their assets and put them in receivership to pay damages to Americans,” Gaetz said.

Senator Ted Cruz introduced a bill that punishes Hollywood studios that allow the Chinese government to gain creative control over the content of their films.

Related: Brace For A Year Of Crisis And Upheaval

Senate Republicans have also called for economic sanctions; cancellation of visas for Chinese officials and families; and investigations into the pandemic, including China’s culpability and its relationship with the WHO.

It is likely that the shift in Trump’s sentiment toward China’s handling of the pandemic is part of the administration’s efforts to deflect blame for its own handling of the pandemic, as well as to create a new 2020 re-election argument. (The last time around, it was the Wall). 

As the economy is crumbling and his dealing with a pandemic is lowering his approval rates, Trump shifted his campaign against Biden, accusing him of being too soft on China or even of being controlled outright by Beijing.

President Trump recently warned that if Joe Biden wins the election, China, among other nations, would own the US.

But there is another angle to consider, as well. 

When the coronavirus threat subsides, the world is not likely to emerge as a more unified force than before. Instead, governments like Beijing and Washington are more likely to heighten moves intended to shore up national security, whether it’s a new angle on an old trade war, the war for 5G domination or the battle for control of critical metals. 

By Charles Benavidez for Safehaven.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment