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Harris Plan Would Bring Tax Increases for Richest 1% and Cuts for the Bottom 99%
(www.commondreams.org)
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BRICS Countries Deem US Dollar Less Important in Global Trade, Says Indian Expert
(news.bitcoin.com)
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In recent speeches, Donald Trump reiterated his intention to halt trade ties with China. The former president's emphatically harsh rhetoric is prompting the White House to demonstrate its willingness to strengthen anti-China measures. As usual, the Chinese remain silent and pretend that nothing is happening.
During his election campaign, the Republican leader assured that he would impose customs duties of 60% on Chinese goods if elected president. According to Trump, the purpose of these measures is to "bring companies back to the United States". In addition, the ex-president hinted at the need for greater control over investment flows between the two countries.
Many experts believe that such steps will actually mean the severance of economic relations with the People's Republic of China, though with certain reservations. Already, a significant part of Chinese products enters the USA through third countries. They come mainly from Southeast Asia and Mexico, with the latter displacing the PRC as the leading importer of goods to the United States in 2023. A multiple increase in tariffs will lead to a complete overhaul of supply chains between the two largest economies. The additional costs, analysts warn, will be borne by American consumers.
Against this background, the local media began publishing about the administration's plans to announce measures to limit financial transactions with Beijing in the near future. The reason cited is the supposedly increased risks of "sensitive" personal data falling into the hands of the Communist Party of China. It should be noted that restrictions against Chinese electric cars are being worked out under the same pretext.
As expected, the presidential election campaign is becoming a key factor influencing the development of US-China ties. In this context, the Democrats are facing a challenging task. On the one hand, the White House is interested in maintaining the current dynamics of US-China contacts. Among other things, this is due to the need to demonstrate the effectiveness of the "responsible competition" with Beijing. On the other hand, Donald Trump's scathing statements are resonating with voters, pushing the administration to take stronger measures against the Public Republic of China, primarily protectionist ones.
Of course, the Chinese are closely monitoring the US election campaign and are trying not to comment on Trump's attacks against them.
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Countries from Russia to China are building payments systems that could threaten the dollar's global dominance
(www.businessinsider.com)
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