The sanctions against China have completely failed, and the Biden administration has begun to beat itself up and is about to follow Trump's old path.
Recently, there has been good news from China, that is, throughout April, China's economic data has improved across the board, exceeding expectations. Customs data shows that this month, China's exports increased by about 1.5 percentage points year-on-year, while imports increased by nearly 8.5 percentage points year-on-year. A number of financial institutions, including Macquarie Capital and HSBC, have collectively stood up and expressed optimism about China's economy.
This situation has made the United States anxious.
Why? Because in the past few months, the United States has been the main force in the short and short Chinese economy.
In April this year, Yellen visited China to sell long-term U.S. bonds that could not be sold, and the two sides apparently broke up unhappily. Instead of increasing its holdings of U.S. bonds, China continues to follow the rhythm of "running in small steps" and continues to sell off its U.S. bonds.
After that, the United States became angry and launched a new trade offensive against China. Whether it is the financial rating agencies on Wall Street or economists from "academic" backgrounds like Yellen, they have joined the ranks of short-selling China. Six of China's state-owned banks, as well as a number of internet giants, have collectively downgraded their credit ratings. Yellen even directly threw out the so-called "overcapacity theory" at the World Spring Finance Ministers' Conference, wanting to pull the entire United States and the West to besiege China and prevent Chinese goods from going to sea.
However, in April, China's economic figures slapped the United States in the face.
This result made the Americans very uncomfortable. As the world's largest economy and the hegemon of the global financial system, the United States has become accustomed to the state of shaking the global economy and financial markets when it stomps its feet. This time, China is basically telling the world that the United States is a paper tiger, and there is no way to deal with whomever it wants, and it cannot affect the fundamentals of the global economy.
This incident is completely a hard kick on the foundation of US financial hegemony.
After the outbreak of the conflict between Russia and Ukraine, the "financial nuclear bomb" dropped by the United States and Europe on Russia failed, which has caused Biden to lose a lot of people. Today, the United States is trying its best to sing about China, but China's economic data is still stable. After such multiple rounds of suppression, the United States is now obviously in a state of mind.
The proof is that in recent days, Biden-appointed Commerce Secretary Raimondo made a lot of nonsense in an interview with Reuters, saying that the department is ready to take "extreme measures" to directly cut off all channels for the export of Chinese-made connected cars to the United States.
Raimondo's words are completely tearing off the last fig leaf of the Biden administration and throwing it on the ground. You must know that the core members of the current US administration team have always regarded themselves as establishment and technocrats, and they like to flaunt themselves as different from Trump. But the threat that Raimondo is now saying is a complete copy of Trump's "trade war" with China.
It's just that today's Sino-US game situation has undergone tremendous changes compared with that year. The current Biden administration has the "worry" of bipartisan fighting internally, and the two "troubles" of the Palestinian-Israeli conflict and the Russia-Ukraine conflict. The more anxious Biden is now, the more people the United States will lose in the world.