The U.S. government under Trump is headed for a showdown with China, the world's second-largest economy.
China is the world's second-largest economy and second-largest importer of U.S. goods. Entities in China hold at least $784 billion in U.S. federal debt. The country also controls much of the world's rare element supply, which is vital for" China is actually a bigger financial power than it looks like on the surface," said Brad Setser, a senior fellow at the Council on Foreign Relations.
Since 2018, China has developed regulatory tools, including export controls, that could be used to pressure U.S. businesses such as As tariff rates rose this spring, ports on the U.S. West Coast reported a slowdown in activity, fomenting concerns about an inbound shortfall of supplies that typically are produced in Asia.The average tariff rate for Chinese exports to the U.S. rose to 124.1% as of April 12, according to an analysis conducted by thesaid Setser, who served as a senior advisor to the U.S. Trade Representative during the Biden administration. Members of the Trump administration have suggested that China should come to the negotiating table. But governing officials in China insist that"China is sending strong signals ... that the games that we are playing, which are tariff games and supply chain games, for them, it's about survival," said Dewardric McNeal, a managing director at Longview Global.
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