Or we could take both the intelligence reports and China's pronouncements at face value. COVID-19 has already tremendously disrupted trade, and Trump's earlier trade war helped reveal both the extent and the cost of reduced trade flows. China could easily have come to the assessment, in light of both situations, that the U.S. has much more to lose than does China, especially while China is still in the midst of COVID-19 self-isolation. They may simply have decided to call our bluff, just like they did with Trump. (This is the risk with flippantly showing all your cards.) Similarly, a world economic order with a diminished US dollar is to China's advantage, so China may see this as a potentially favorable strategic inflection point.
Either way, it all just adds more kindling. The momentum is definitely building in the wrong direction, which sadly has been the consistent pattern over the past 3 weeks.
Either way, it all just adds more kindling. The momentum is definitely building in the wrong direction, which sadly has been the consistent pattern over the past 3 weeks.