The conservative Wall Street Journal editorial board, after months of warning, has had enough of Trump's tariff scheme — and is putting out a clear message to the administration: You're now making China great again.
Trump’s tariffs are poised to "change the world order in many ways," the board said. And "one winner is already emerging" — Xi Jinping, the autocratic ruler of China, who had an "excellent week."
Trump is poised to tank the U.S. economy and drive many American allies right into China's arms.
"This is only partly a story about the retaliatory measures Beijing announced Friday following Wednesday’s 'Liberation Day' performance at the White House. China will impose a blanket 34% tariff on imports from the U.S. starting next week, matching Mr. Trump’s latest addition to his tariffs on China," wrote the board. "Beijing also added a couple dozen U.S. companies to various regulatory blacklists subject to trade, investment or export restrictions. Mr. Xi is slapping export controls on several rare-earth minerals critical for high-tech manufacturing. Oh, and a smattering of regulatory investigations for antidumping and the like are brewing, targeting American firms."
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This all comes at a moment, the board wrote, when China's economy was teetering, its real estate market was in shambles, and it looked like all America had to do to win the rivalry was let events unfold.
"Mr. Xi must believe he will have no problem finding other sources for critical imports, especially since the U.S. is punishing the rest of the world with tariffs," said the board. "Meanwhile, China’s authoritarian system means Mr. Xi probably can ride out whatever political or social pain might result from higher unemployment or slower economic growth in a trade war. Congressional Republicans have to face voters in 18 months following whatever fallout comes from Mr. Trump’s tariffs. It’ll help that Mr. Xi can rally nationalist sentiment against the U.S."
Ultimately, the board concluded, Trump is only proving Xi's greatest hopes of the West's vulnerability.
"Mr. Xi and his Communist comrades have long believed the West is weak, divided and in retreat," the board concluded. "He will see this week as confirmation, and he won’t have to do much to exploit those divisions."