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Chinas state capitalism is more efficient at converting raw commodities into the processed refined and manufactured goods that the world wants and needs.
Trump is trying belatedly to copy Chinas state capitalism model but he is too late and China has thelead on nearly all supply chains and technologies- where it doesn't it will do within the next ten years.
For the next ten years the US military industrial combine is crippled due to the monopoly China has over refined rare earths and multiple other strategic supply chains essential to the manufacture of military hardwares.
Chinas state capitalist mercantile development has beaten the neoliberal crony capitalism of the west.
Countries like Canada rich in natural resources and commodity exports have more to gain via trade with China than with the declining USA.
USA is increasingly seen for what it is- an empire in chronic and irreversible decline.
Europe will follow Canadas example.
USA will be left isolated and humiliated.
Sad but true.
There are several things going on simultaneously.
On one level buying cheaper products is good for the consumer. However the entire quasi-myth of "free trade" falls apart when your trading partner is at a minimum heavily govt subsidized or worse using slave labor.
The long slow grind eviscerating the western middle-class has basically come to its a critical inflection point....service only jobs, no good paying entry jobs, AI taking lots of "paper pushing" jobs, etc.
Trump (for all his formidable flaws) is trying to jump start western production. This is precisely the type of thing that requires allies who share the vision to achieve. Its quite possible this opportunity doesn't come again.