07-20-2022, 03:37 PM
U.S. Tech War On China Backfires – How Sanctions Boosting China Chipmaking Industry To Become Self-Sufficient
![[Image: Huawei-Smartphone-Harmony-OS-Operating-System.jpg]](http://www.financetwitter.com/wp-content/uploads/2020/09/Huawei-Smartphone-Harmony-OS-Operating-System.jpg)
When Donald Trump first started a trade war, followed by a tech war to bring China down to its knees, the writing was on the wall that the great United States was extremely worried about the rise of the Chinese. Trump had used allegations of Chinese state-sponsored “intellectual property (IP) theft” as justification to trigger a prolonged trade war between both countries.
But after more than 4 years since the Trump administration started the trade war in March 2018, the red dragon is still standing tall – alive and kicking – with a smile. Trump’s famous tweet – “trade wars are good, and easy to win” – which he arrogantly blasted on 2 March, 2018 now looks incredibly silly. China is simply too big and too powerful to be defeated with just a trade war.
Economics professor Mary Lovely of Syracuse University said – “China is too big and too important to the world economy to think that you can cut it out like a paper doll. The Trump administration had a wake-up call”. Since 1995, China has been recording consistent trade surpluses. In 2021, the surplus hit US$676.43 billion – the highest since records started in 1950.
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