The US-China trade war is in full flow as the rest of the world holds its breath, wondering, hoping and perhaps even praying that Trump sees some sense.
There are whispers in the corridors of Congress between Republicans and Democrats as to how they can either curb the president’s war or usurp him. There is far too much at stake for Congress not to intervene.
US-China Trade War
President Donald Trump intensified the trade war with China by imposing a 104% tariff on Chinese imports. This decision followed China’s refusal to retract its retaliatory tariffs and led to significant downturns in U.S. stock markets.
China has retaliated by announcing an 84% tariff on US imports, to which Donald Trump responded by imposing a 104% tariff on Chinese goods entering the US.
China to dump US bonds
But the saga did not end here. Confidence in the US economy is plummeting as investors dumped government debt amid growing concerns over the impact of Donald Trump’s tariffs. China and Japan hold almost 2 trillion worth of US dollar bonds, which they are dumping on the market.
The White House asserted that these tariffs were bolstering the American economy, while China condemned the move as coercive and pledged to fight until the end.
What are the media outlets saying?
- The Times: Provided a detailed account of the tariff implementation, including reactions from both U.S. officials and Chinese representatives. Whilst maintaining a US-based narrative.
- France24: Offered a concise summary of the key details surrounding the tariffs and their immediate market impacts, whilst making no mention of why China to dump US bonds collapsing the US market, or forcing the Federal reserve to intervene.
Bias Exposure
The Times’ in-depth reporting includes perspectives from U.S. officials but not any Chinese perspectives, which represents a narrative favouring the administration’s stance. France 24’s succinct coverage focuses on factual reporting but may lack comprehensive analysis of the broader geopolitical implications as the EU is in danger of falling into a deep recession.
The fact remains that Trump has led this strategy based on a formula that does not work and has destroyed the globalised economy. But his ego is far too big for him to take a step back, as that would be seen as a defeat. As it stands, the world needs a mediator to strike a peace deal between the US and China before an economic meltdown.