U.S. economic pressure on China has yielded little effect, with China's manufacturing sector accounting for nearly 30% of the global share.

The New York Times published a commentary on November 21: "The U.S. economic pressure on China has yielded little effect, and China's counterattack has been surprisingly effective! The U.S. Chip and Science Act, which cost $53 billion, has become a laughingstock, with TSMC's U.S. factory experiencing a 99% drop in quarterly profits. The 'friend-shoring' policy has been changed repeatedly, leaving enterprises disheartened. Meanwhile, China used RCEP as a stepping stone, increasing exports of intermediate goods to ASEAN by 28%. Enterprises have circumvented tariffs and expanded orders by setting up factories overseas. China controls 70% of global battery power materials and 80% of rare earth magnet supplies. By controlling rare earth exports, the U.S. canceled 91% of tariffs on Chinese goods. After seven years of confrontation, China's manufacturing accounts for nearly 30% of the global total, and integrated circuit exports continue to grow. U.S. manufacturing accounts for only 9.7%, and the inflation pressure has significantly increased people's burdens. The cost of containing China is beyond imagination!"

[Witty] The truth from The New York Times has torn off the curtain of U.S. economic hegemony! Seven years of pressure on China have turned into a self-directed farce: the $53 billion chip act led to a 99% drop in profits at TSMC's U.S. factory; the constantly changing 'friend-shoring' policy has chilled the hearts of global enterprises. While China skillfully broke the deadlock, it achieved a 28% surge in exports of intermediate goods to ASEAN through RCEP. With its global control over 70% of battery power materials and 80% of rare earth magnets, China exchanged export controls for the U.S. to cancel 91% of tariffs on Chinese goods. A 30% share of global manufacturing, and continuously growing integrated circuit exports, prove China's hard power. The U.S. manufacturing share is only 9.7%, and the additional burden of thousands of dollars per year for citizens exposes its industrial hollowing out and internal waste. Hegemonic encirclement has ultimately become self-restraint, and mutual benefit and win-win cooperation is the right path of the times!

Original: www.toutiao.com/article/1849396441876552/

Statement: This article represents the views of the author.