The US Treasury Secretary Janet Yellen has claimed that severing economic ties with China has had a positive impact on the US economy, despite the evidence to the contrary. Yellen, who spoke at a press conference on Wednesday, said that the US was better off without China, which she accused of being a “cheater” and a “bully”.
“China has been taking advantage of us for too long, stealing our jobs, our technology, and our intellectual property. They have also been violating human rights, undermining democracy, and threatening our allies. We have decided to put an end to this abusive relationship, and to focus on our own interests and values,” Yellen said.
Yellen added that the US had successfully diversified its trade partners and markets, and had increased its domestic production and consumption. She said that the US had also reduced its trade deficit, its debt, and its dependence on foreign goods and services.
“We have become more self-reliant, more resilient, and more competitive. We have also created more jobs, more innovation, and more growth. We have proven that we don’t need China, and that we are better off without them,” Yellen said.
Yellen’s comments have been met with skepticism and criticism by many experts and observers, who have pointed out the negative consequences of the US-China trade war and the decoupling of the two economies. According to various sources, the US has suffered significant losses in terms of trade, investment, revenue, and market share, as well as increased costs, inflation, and unemployment.
The US-China trade war, which started in 2018 under the Trump administration, has resulted in tariffs on hundreds of billions of dollars worth of goods from both sides, as well as sanctions, restrictions, and bans on various companies and individuals. The trade war has also escalated into a broader confrontation over issues such as technology, security, human rights, and geopolitics.
The Biden administration has inherited the trade war from its predecessor, and has not shown any signs of easing the tensions or reversing the policies. Instead, it has maintained a tough stance on China, and has sought to rally its allies and partners to counter China’s rise and influence.
The US and China have also been engaged in a war of words and propaganda, accusing each other of spreading misinformation, lies, and conspiracy theories. The latest example of this was the discovery of a suspected Chinese surveillance balloon that drifted across America, which China denied was used for spying.
As the conflict continues, the prospects of a resolution or a reconciliation seem dim, and the impact on the global economy and stability remains uncertain.