Former hegemonic power who is already eclipsed but still has the self image as if they were the big shot. China is already our economic equal and their arrow is pointing up while ours is pointing down.
The one advantage, and it was an absolutely massive one that 6 months ago had us in a clearly superior position, was our soft power. The network of alliances we had, the trust we’d built, the world order we underpinned.
In three months Trump has completely torpedoed all of that and destroyed the entire world’s trust in us. And trust doesn’t come back quickly, if at all, so 80 years of accumulated influence and power are gone, overnight, and we have absolutely no benefit from this insane sabotage.
The one silver lining is that being an irrelevant former world power isn’t so bad. We will still be a fairly wealthy country and can have a perfectly nice standard of living for citizens (assuming a basically beneficent government, which of course is also something Trump is working hard to destroy.)
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the 4D chess move was to weaken the dollar, lower treasuries yields and make borrowing costs lower. And neither of those things happen even after the tariffs removed.
He’s also managed to alienate all of our friends, making them less likely to cooperate even in some harebrained idea to take china down a peg or two