A new global economic order, if it can be built
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3 days, 15 hours ago

A new global economic order, if it can be built

China Daily  

A view of a container terminal in Lianyungang, Jiangsu province, in December. WANG CHUN/FOR CHINA DAILY Washington's punitive tariff attacks started, literally, within days of US President Donald Trump's inauguration. There are many influential people around him, Commerce Secretary Howard Lutnick for example, who truly believe in the tariff-income tax-substitution theory and are bent on going on with this "social economic experiment", so as to reduce income tax for Trump's billionaire friends. Today with China's domestic market-focused dual circulation development paradigm, Chinese companies' extensive global supply chains, and the China-proposed Belt and Road Initiative footprint, the country is in a much better position to weather the US tariff storm. Without access to cutting-edge but still affordable BYD electric vehicles, the US administration's "drill, baby, drill" policy will eventually turn the US into an ICE island, whose vehicles will be at least one generation behind China's.

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