Trump Trade War Backfires as China Checkmates Him

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The MeidasTouch Podcast 14 min 5 speakers 8 chapters transcribed
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How is China countering Trump's trade war strategy?

Ben Meiselas 0:00
China is putting on a clinic right now in standing up against Donald Trump. They are checkmating him over and over again and humiliating him in public. They've got a multi-pronged strategy to checkmate him. On the retaliatory tariff side, China's raised their retaliatory tariffs to 125%, effectively shutting down the China's market from United States goods and products. So that's step one. Then on the public relations side of things, they are just continuing to mock the United States with memes and on social media, they're putting out this AI footage of American, overweight Americans in factories putting together iPhones as the Trump regime says that he wants Americans to start building and assembling iPhones and things like that.
Ben Meiselas 0:57
And then on the diplomatic side of things, China's been reaching out to former allies of America here. and they've been building relations there trying to open free trade agreements for example with europe the china electric vehicle manufacturer byd for example we've seen their shares their stock surge and china's byd now gaining a foothold In Europe, which used to be kind of the home where Teslas would thrive. See you later, Teslas. People are not buying those. BYD, a car that many people actually say is superior, but had previously been prevented based on regulatory machinations in Europe and the United States. from getting into other markets so china's been doing this i think in a very smart and sophisticated way you have xi jinping uh kind of inspired by you know sun tzu's the art of war donald trump the art of the deal which he didn't even write which we know from donald trump's past is bankrupting essentially everything that he touches so let's just go through this one by one methodically and let me just give you the data points
Ben Meiselas 2:10
So we know that China raised its retaliatory tariffs on the U.S. goods to 125 percent. China's leader, Xi Jinping, put out a message. We're not afraid. We'll go until the end. We're not going to go out and reach out to Donald Trump at all. We're not going to beg. China is a proud country. The statement that was also issued from China's foreign ministry is, quote,

What are China's retaliatory tariffs and their impact?

Ben Meiselas 2:36
Given that the current tariff level U.S. exports to China are no longer even commercially viable, China's not going to respond to any further tariff hikes by the U.S. on Chinese goods. China's Ministry of Finance said in a statement to the media on Friday. Let me give you some additional data points though here. Here is China's Foreign Ministry spokesperson or Ministry of Foreign Affairs spokesperson. I want you to listen to what he says as he announces the 125% tariff on US goods. Let's play it.

What messages is China sending through its Foreign Ministry?

Foreign Minister Sierkowski 3:09
I want to emphasize that there are no winners in tariff wars and trade wars. China is unwilling to fight, but it's also not afraid to fight. I want to emphasize that If the US really wants to resolve issues through dialogue and negotiation, they should stop the extreme pressure and reckless actions. China has never bought into that. Any dialogue must be based on equality, respect, and reciprocity. If the United States insists on engaging in a tariff and trade war, China will certainly see it through to the end. China is a responsible country. Our countermeasures against the United States' bullying are to safeguard our legitimate rights and interests, uphold international rules and order, protect the common interests of countries worldwide, and maintain international fairness and justice.
Foreign Minister Sierkowski 4:21
Yielding and compromising in the face of American bullying and overbearing behavior leads nowhere.
Ben Meiselas 4:27
Then I think there's a number of data points from this well-known China analyst and business person, Victor Gao, saying that China will fight to the very end in any trade war after Trump hit China with 145% tariffs. Play this clip.
Victor Gao 4:44
China is fully prepared to fight to the very end because the world is big enough that the United States is not the totality of the market in the world. So if the United States wants to go in that direction of completely shutting itself out of the China market, be my guest.

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