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.
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China Resists US Trade Bullying
- The US is trying to use its market power to force compliance with trade demands, but China refuses to be bullied economically now.
- China has enough allies and development to stand firm against US tariffs, signaling a shift in global economic power.
Decline of US Economic Empire
- The US empire based on economic subordination is fading, with China and Russia standing up militarily and economically.
- The US is increasingly isolated as China builds new alliances and shifts supply chains away from the US.
Tariffs as Regressive Sales Tax
- Trump's tariffs serve as a regressive sales tax shifting tax burdens from corporations and the rich onto average consumers.
- This economic policy reflects both nostalgic desires to revert to old revenue methods and a rational class strategy to reduce corporate taxes.