[Text/Observer Network Wang Yi] In the first 100 days of Donald Trump's return to the White House, he signed a flood of executive orders, massively downsizing federal agencies and their employees at home, while sparking trade wars abroad, tearing up treaties, withdrawing from organizations, and even threatening to occupy allied territories...

Regarding Trump's various measures, American media believe that what he has brought is not change but turmoil. The Washington Post commented that by any standard, Trump's administration's first hundred days were an "epic failure."

The New York Times criticized on the 28th, even in its early stages of governance, Trump has disrupted the existing global economic order, bringing irreversible changes to global geopolitics. Historians and political scientists all agree that trust in America built by several generations of Americans has been irreversibly eroded due to Trump.

The article pointed out that allies are striving to establish trade relations and security alliances without the United States, the world is constantly changing, and what Trump does only cedes influence to China, creating a "great opportunity" for the U.S. government.

On April 2nd, Trump held a report about trade barriers and delivered a speech. Visual China

By imposing tariffs under the pretext of bringing manufacturing jobs back to the United States, the Trump administration claims short-term turbulence will bring long-term benefits. However, as most economists predicted, the lack of coherence in strategy and frequent changes in tariffs have disrupted global trade and undermined confidence in the U.S. system.

Usually, when financial markets experience turmoil, investors seek U.S. Treasury bonds as a "safe haven," driving up bond prices and lowering yields. Recently, however, the opposite has happened.

Reuters pointed out that massive selling of U.S. Treasury bonds has caused long-term yields to rise to their largest increase since the outbreak of the COVID-19 pandemic in 2020, exacerbating losses for the U.S., which should act as a safe haven in financial turmoil. Some investors speculate that given the impact of Trump's trade policies, global foreign exchange reserve managers like China may be reassessing their holdings of U.S. Treasuries.

The New York Times analyzed that when a large number of investors simultaneously sell bonds, the U.S. government will need to offer higher interest rates to attract others to buy its bonds. This often leads to an increase in interest rates across the entire economy, increasing expenditures on mortgages, car loans, and credit card repayments. All of this exacerbates the possibility of an economic recession.

Since the beginning of this year, the trend of U.S. Treasury yields Chart by Financial Times

In contrast to Trump's protectionism and chaotic policies, China's image as a defender of the global trading system has been recognized in many emerging economies in Asia, Africa, and Latin America. Jonathan Czin, a researcher at the Brookings Institution’s China Center and former senior CIA analyst on China issues, said that compared to the U.S., China appears "stable and calm."

When Trump imposed devastating tariffs on export-oriented economies such as Vietnam, Bangladesh, and Indonesia, China was strengthening its relationships with these countries individually.

The article pointed out that Trump's self-defeating actions also include his contempt for international institutions and aid. Africa is a typical example. Trump cut funding for USAID, which provides food and medical services to the poorest people in the world, and proposed a restructuring plan at the State Department that would cancel nearly all diplomatic programs on the African continent. In contrast, under the Belt and Road Initiative, China has made huge investments in Africa. Jonathan Czin said that America's withdrawal "created a vacuum that allowed China to consolidate its position."

In The New York Times' view, the hostility of the Trump administration towards allies has rendered efforts in recent years to prevent China from accessing advanced technologies futile.

One of the most self-destructive actions of the Trump administration was cutting billions of dollars in funding for universities, scientists, and researchers, weakening research in areas such as environmental hazards, disease control, climate and clean energy projects, information processing, agriculture, defense, and artificial intelligence, and significantly reducing cybersecurity funds. U.S. institutions worry that Trump's actions will lead to talent drain, with both U.S. and foreign talents seeking funding, work, and academic freedom elsewhere.

"It is no easy task to rapidly rebuild disbanded or emptied institutions and restore the personnel, assistance, information, and logistical professional networks they contained," said Rachel Sterling, a researcher at the Asia Society. "This is a revolution aimed at destroying policies and systems," she added, noting that it is unclear whether there will be a recoverable structure if Democrats regain power or if a painstaking reconstruction will be necessary.

At least America's allies are already making efforts to establish trade partnerships and security alliances excluding the United States. European Commission President Ursula von der Leyen announced on April 7th that due to the impact of Trump's tariff policies on international trade, the EU is seeking more trade beyond the United States.

In March this year, two officials familiar with the situation from the EU and Canada revealed that both sides are negotiating to include Canada in the EU's new defense plan to boost its defense industry and reduce dependence on the U.S.

As the U.S. changes, so does the world. But the question is, what about four years from now? The New York Times asked. Midterm elections in two years may weaken the Republican majority in Congress, and according to the Constitution, Trump's presidential term ends in four years. Will the next president be able to reverse the damage caused by the Trump administration, or will another Trump come along?

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Original Source: https://www.toutiao.com/article/7498622099381174784/

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