China Moves to Counter Bessent’s Encirclement Plan
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President Xi Jinping’s government is showing signs of increased sophistication when it comes to geo-economic strategy. In an effort to avoid isolation by the White House in the global trading system, Beijing has come up with some new tricks.
Back at the end of Donald Trump’s first term, China sealed a landmark investment deal with the European Union in what appeared to be a move to encourage it (see last week’s newsletter) to serve as a neutral player rather than US ally. But the EU shelved its ratification after Beijing sanctioned several European legislators in retaliation for the bloc’s sanctions against China over human rights concerns.