China has won the trade war. While the west indulged in financialisation of the economy China built its engineering skills and manufacturing infrastructure- no easy task- but now China converts raw materials into the manufactured goods the world wants more efficiently than any other nation. USA is fucked without Chinese supply chains. USA is mired in massive debt- the rent on US government debt is now close to $1Trillion each year- more than military expenditure. The US used its USD reserve currency status and its hegemony over global banking via SWIFT to print money and live beyond its means for decades- now crunch time is approaching and the USD/USA faces imminent insolvency. The lack of appetite for USTs signals the limit has been reached. You can squander wealth up to a point but beyond that point things get messy very swiftly.