The dramatic trade deficit that developed from the early 90s, driven by China's economic plan to corner the world's export market (by manipulating a persistently weak currency). And it sharply widened leading up to the Global Financial Crisis.
Then we had Mr.Trump 1.0. And core to His agenda was "structural reform," meaning balancing global trade. That came with a multi-year negotiation on trade with China, which resulted in a "phase one" trade deal, but has ultimately delivered an even deeper trade deficit. And this recent initial collapse in the chart is the front loading of trade over the past two months, in efforts to get ahead of tariffs.
Recall the trade war of 2018-2019, it was even admitted by Mr.Trump that getting any movement on trade (with China) could be considered a success, given the history of the prior twenty-five years.
This time around? If we're wondering if the bark might be worse than the bite, we can look no further than Mr.Trump's Secretary of State potential selection.
Mr. Marco Rubio wrote a book in 2023 titled "Decades of Decadence", which probably got him the job to run the State Department;In his book, he had a chapter concerning China.
He called the Chinese Communist Party "a totalitarian regime bent on world domination." He said the rise of China was the result of "a series of extremely bad decisions, almost all of which were made by the elite political class of the United States." And as China rose, "the US government helped them at every step of the way, failing to see the threat that was right before their eyes."
Also remember, the race for AI supremacy is a two horse race (between the US and China).And the winner will be the difference between "AI that serves humanity and AI that controls humanity"(serving the interests of the Chinese Communist Party).
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