The economic sanctions imposed by the United States on China are becoming increasingly severe, with the recently introduced measures being unprecedented in their intensity.
However, China has also taken retaliatory measures, dealing a heavy blow to the United States.
Furthermore, China is actively stockpiling materials to prepare for even more aggressive retaliation from the United States.
The current trade war has entered a stage of comprehensive confrontation, and it remains unknown who will have the last laugh between China and the United States.
The Democratic and Republican parties in the United States are intensifying their efforts in the trade war to vie for votes.
Republican presidential candidate Trump promised during his campaign that if elected as President of the United States, he would impose a 100% tariff on Chinese cars. Biden expressed support for this measure.
Shortly afterward, Biden signed a new executive order imposing a 100% tariff on Chinese cars and increased sanctions on China in other areas.
These measures by the United States to intensify sanctions have severely damaged our country's development and the legitimate rights and interests of Chinese enterprises, hence China will retaliate.
Recently, the Chinese government banned the import of beef products from a factory in Colorado, USA, citing the detection of ractopamine in beef products.
On the same day, the Chinese government also ordered the suspension of imports of all meat and poultry products exported from the Oakland Port cold chain facility in the United States.
In addition, China has been selling off US Treasury bonds on a large scale for five consecutive months, putting tremendous pressure on the US government.
Meanwhile, China and Russia are jointly developing a new settlement system between China and Russia to reduce dependence on the US dollar and weaken the US's international currency status.
These retaliatory measures directly hit the United States where it hurts.
The livestock and meat product industries have always been important domestic industries in the United States, providing a large number of job opportunities.
However, with the introduction of China's retaliatory measures, the US meat product and livestock industries will suffer visible impacts, and the unemployment rate will further rise.
Furthermore, China's selling off of US debt has put tremendous pressure on the US government's finances.
Currently, the total US debt is as high as $34.5 trillion and continues to increase.
However, due to our large-scale selling off, US Treasury bonds are almost no longer in demand.
Facing the imminent US counterattack, China is fully prepared.
Since the beginning of this year, China's imports of energy and minerals have increased significantly, and we are also actively stockpiling materials to prepare for US retaliation.
At the same time, the US government is also feeling the pressure. The Federal Reserve has repeatedly requested interest rate cuts, and US Treasury Secretary Yellen has stated in diplomatic activities that the United States cannot defeat China alone, so it hopes to unite other countries to exert pressure on China.
However, even European countries are reluctant to continue escalating the trade war with China, as evidenced at the G7 summit.
The trade war instigated by the United States has entered a stage of contesting "internal strength," and the idea of a swift resolution has turned into a "war of attrition."
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