The Socialist Program with Brian Becker
China is Ready for Trump’s Trade War
Apr 30, 2025
Richard Wolff, an accomplished author and co-founder of Democracy at Work, joins to dissect the unfolding U.S.-China trade war. He highlights how recent Chinese announcements signal a shift in global power dynamics, indicating that China is unphased by U.S. tariffs. The discussion links historical trade practices to contemporary issues, illuminating the negative impact of tariffs on American farmers and the broader economic divide. Wolff also critiques Trump's nostalgic economic policies and their potential favoring of the wealthy over working-class interests.
28:06
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Quick takeaways
- China's declaration to substitute U.S. imports highlights its evolving economic strategy and resilience amid escalating trade tensions.
- The podcast critiques the historical use of tariffs in the U.S. as a means of protecting elite interests, exacerbating economic inequality in society.
Deep dives
China's Economic Independence
China has announced that it no longer requires energy or agricultural exports from the United States, signaling a shift in its economic strategy amid rising tariffs. A Chinese official noted that U.S. agricultural imports were highly substitutable, suggesting that China can find alternative sources with minimal impact on its energy supplies. This position indicates a robust response to U.S. trade policies and showcases China's confidence in navigating economic challenges. The fallout from these tariffs is expected to have significant implications for both American farmers, who exported around $33 billion in goods to China in 2023, and the broader global economy.
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