Bloomberg writer Andrew Browne suggested that China managed to win the trade war against US President Donald Trump.
Bloomberg writer Andrew Browne commented on the trade war between China and the USA in his new article.
Noting that Beijing managed to defeat the US leader at almost every step during the trade war that started shortly after Trump took office, Browne noted that China’s surplus in foreign trade with the US has increased by 25 percent since Trump took office, to over $ 300 billion. drew.
Pointing out to the Chinese economy, which grew 3.2 percent in the second quarter compared to the same period of 2019, the journalist reminded that the US economy contracted 32.9 percent in the same period.
Noting that the Chinese currency yuan has been strengthening for 8 consecutive weeks, Browne stated that this is the longest period since February 2018 and that the dollar has recently begun to weaken.
Browne said that behind all of this lies deeper industrial trends that work in favor of China and helped increase its share in the global market after the quarantine imposed by the new type of coronavirus (Kovid-19), said China, for example, the high-tech tunnel where Germany was the world leader He stated that it started to supply various equipment such as opening machines, hydraulic valves and pumps more frequently.
Browne reminded the German Engineers Association’s (VDMA) General Manager of Foreign Trade Ulrich Ackermann’s remark, “It is only a matter of time before Chinese companies become number 1”.
Browne noted that despite Trump’s efforts to ‘unbundle’ the US and Chinese economies, the overall result shows that China has become a more self-sufficient country.