Домой United States USA — China U. S.-China rivalry widens from trade to everything, including TikTok

U. S.-China rivalry widens from trade to everything, including TikTok

288
0
ПОДЕЛИТЬСЯ

The U.S.-China rivalry is shifting into new areas, engulfing everything from a popular video app to Hong Kong’s status as a global financial hub.
The U. S.-China rivalry is shifting into new and unpredictable areas, engulfing everything from a popular video app to Hong Kong’s status as a global financial hub.
The latest tensions are overshadowing a trade agreement in January that was meant to draw a line under the trade war and be a boon for business. Instead, differences between both powers are deepening right at a time when the world economy is facing its worst crisis since the Great Depression.
This week alone, President Donald Trump said he is considering banning ByteDance Ltd.’s short video app TikTok as retaliation against China over its handling of the coronavirus. Some of his top advisers want the U. S. to undermine the Hong Kong dollar’s peg to the greenback to punish China for recent moves to chip away at the former British colony’s political freedoms. There are even concerns over the visa status of hundreds of thousands of Chinese students who enroll at U. S. colleges and universities each year.
China in turn has promised its own response, warning the U. S. and others to stop interfering in Hong Kong and other issues.
«The Ice Age in relations is here to stay,» said Pauline Loong, managing director at research company Asia Analytica in Hong Kong and a veteran China watcher. «It will get much colder before there will be any thaw.»
The economic backdrop could hardly be more stark, with the International Monetary Fund estimating that by the end of this year 170 countries – almost 90% of the world – will have lower per capita income. That’s a reversal from January, when it predicted 160 countries would end the year with bigger economies and positive per capita income growth.

Continue reading...