As we all know by now, stable genius Comrade Stupid authorized tariffs on $50 or $60 billion worth of Chinese imports, because he claims he’s defending us against the Chinese stealing Intellectual Property. And China threatened retaliation, which helped sink the stock market.
“If somebody tries to impose a trade war on us, we will certainly fight back and retaliate.” — Cui Tiankai, China’s ambassador to the U.S.
“After nearly half a century of trying to woo China into the club of major market-based economies, Trump made clear his administration plans to brandish sticks, not carrots, to achieve U.S. trade goals with Beijing.”
“China showed readiness to retaliate by declaring plans to levy additional duties on up to $3 billion of U.S. imports including fresh fruit, wine and nuts.”
So, you know, Comrade Stupid’s base of family farmers (hahahaha) would end up paying for protecting the Intellectual Property rights of Silicon Valley and Hollywood.
Let’s be clear who has the winning hand here: China.
China owns a lot of our debt. Remember, Republicans charged two wars, and tax cuts for billionaires on our credit card.
China could call it in, sell a few hundred billion dollars worth of U.S. Treasury bonds. And I think we know what would happen next would make Chimpy’s Economic Disaster look like a bounced check.