The real battle over China policy will take between Congress and the Fortune 500. Plus budget cuts.
tells me that the real action may end up behind the scenes as Washington and Fortune 500 companies duke it out over China policy. Now, some businesses have clearly been wary about further investments in China. But the stakes for US firms in China's domestic market are still enormous. McKinsey estimates US companies raked-in $450 billion or so in sales in China in 2017. It's unlikely we are at those annual levels now—given COVID-19 and the food-fight with the U.S.
It was inevitable, I suppose. But some conservative groups and senators like"Over Our Dead Bodies" Lindsey Graham—and White House advisor Stephen Moore, who the president tried to foist upon the Federal Reserve Board—are already getting their backs up about bailout budget deficits, reports the. Maybe it is no coincidence that Graham & Co. are hyperventilating just as a new round of aid would be aimed at people who don't work at think tanks or private equity firms.
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