Gordon Chang

And so this is going, I think, in the right direction. And of course, you have China hawks. You have China hawks at the State Department, Marco Rubio, and as National Security Advisor, Michael Waltz. So right now, the president has made it clear where he's going, at least as a first position in his administration. Do you imagine...

Probably both. A lot of people talk about these tariffs as negotiating tools, and Trump has used that. In his first term, he imposed the 25% across the board tariffs in 2018. And in the beginning of 2020, he had his phase one trade deal, which I think was a mistake. But nonetheless, you can see that the tariffs set the stage for that agreement. This time, yeah, he could negotiate them.

Probably both. A lot of people talk about these tariffs as negotiating tools, and Trump has used that. In his first term, he imposed the 25% across the board tariffs in 2018. And in the beginning of 2020, he had his phase one trade deal, which I think was a mistake. But nonetheless, you can see that the tariffs set the stage for that agreement. This time, yeah, he could negotiate them.

Probably both. A lot of people talk about these tariffs as negotiating tools, and Trump has used that. In his first term, he imposed the 25% across the board tariffs in 2018. And in the beginning of 2020, he had his phase one trade deal, which I think was a mistake. But nonetheless, you can see that the tariffs set the stage for that agreement. This time, yeah, he could negotiate them.

But we've got to remember that during the campaign, he talked about tariffs continually. And it wasn't just sort of off-the-cuff talk. He actually discussed McKinley and the effect of the McKinley tariffs on the American economy. And that shows that he's actually done a lot of learning about this. Because this is a president who obviously believes deeply in rearranging trade through these levies.

But we've got to remember that during the campaign, he talked about tariffs continually. And it wasn't just sort of off-the-cuff talk. He actually discussed McKinley and the effect of the McKinley tariffs on the American economy. And that shows that he's actually done a lot of learning about this. Because this is a president who obviously believes deeply in rearranging trade through these levies.

But we've got to remember that during the campaign, he talked about tariffs continually. And it wasn't just sort of off-the-cuff talk. He actually discussed McKinley and the effect of the McKinley tariffs on the American economy. And that shows that he's actually done a lot of learning about this. Because this is a president who obviously believes deeply in rearranging trade through these levies.

What's fascinating, Mike, is that throughout this month, we have seen China go uncharacteristically quiet. It is peripheral seas and airspace. And that's a real indication that the regime in Beijing is very concerned about Trump. They're giving him a wide berth. They don't want to take him on, at least at this stage. And that's a real indication of, I think,

What's fascinating, Mike, is that throughout this month, we have seen China go uncharacteristically quiet. It is peripheral seas and airspace. And that's a real indication that the regime in Beijing is very concerned about Trump. They're giving him a wide berth. They don't want to take him on, at least at this stage. And that's a real indication of, I think,

What's fascinating, Mike, is that throughout this month, we have seen China go uncharacteristically quiet. It is peripheral seas and airspace. And that's a real indication that the regime in Beijing is very concerned about Trump. They're giving him a wide berth. They don't want to take him on, at least at this stage. And that's a real indication of, I think,

and the realization in Beijing that they have got to please Trump. So, at this time, at least, and I don't know how long this will last, but at this time, at least, things are going fairly well. We've also seen some other things in China setting the stage. So, for instance, again, throughout this month, China has been forcing down the value of the renminbi.

and the realization in Beijing that they have got to please Trump. So, at this time, at least, and I don't know how long this will last, but at this time, at least, things are going fairly well. We've also seen some other things in China setting the stage. So, for instance, again, throughout this month, China has been forcing down the value of the renminbi.

and the realization in Beijing that they have got to please Trump. So, at this time, at least, and I don't know how long this will last, but at this time, at least, things are going fairly well. We've also seen some other things in China setting the stage. So, for instance, again, throughout this month, China has been forcing down the value of the renminbi.

That looks like anticipation of a trade war with the United States or anticipation of very high tariffs. When we go back to 2018, when Trump imposed his Section 301 tariffs, China picked up somewhere between 75% to 81% of the cost of those impositions. And this time they have even more incentive to do that.

That looks like anticipation of a trade war with the United States or anticipation of very high tariffs. When we go back to 2018, when Trump imposed his Section 301 tariffs, China picked up somewhere between 75% to 81% of the cost of those impositions. And this time they have even more incentive to do that.

That looks like anticipation of a trade war with the United States or anticipation of very high tariffs. When we go back to 2018, when Trump imposed his Section 301 tariffs, China picked up somewhere between 75% to 81% of the cost of those impositions. And this time they have even more incentive to do that.

So I think that this move to force down the value of the currency is a real indication that they're getting ready, as you say, setting the table. So it's not just geopolitically, it's also from an economic point of view as well.

So I think that this move to force down the value of the currency is a real indication that they're getting ready, as you say, setting the table. So it's not just geopolitically, it's also from an economic point of view as well.

So I think that this move to force down the value of the currency is a real indication that they're getting ready, as you say, setting the table. So it's not just geopolitically, it's also from an economic point of view as well.

Well, China has already imposed export embargoes on certain rare earths, and they could increase that. And as you point out, during the early months of the pandemic in 2020, they threatened to cut off pharmaceuticals. Got to remember that, yes, we have got to buy, but also China's got to sell. So I think what would happen would be, if they were to say, impose export embargoes on pharmaceuticals,