Not at all, in fact, I had a lot of backup for those of you that never read the article (but the Drudgelord, in his wisdom, removed it when he promoted the article to the front page) that supports the point:
No one is quite sure how far Trump plans to go in pressuring China with hefty trade tariffs. One analysis late last month by the Australia-based ANZ Bank predicted the warfare will last until 2020 because the two sides are so far apart. More-
Some analysts think the real U.S. objective is a gradual "decoupling" of the world's two biggest economies, hitherto deeply entwined and interdependent. The U.S. government has blocked investments by several prominent Chinese companies as threats to American security, and Chinese investment in the U.S. economy has plummeted.
One interpretation popular in China is that the economic conflict is all about "containing" its rise as a high-tech global leader. The longer the warfare continues, the more uncertain its outcome, as both sides ratchet up pressure in ways designed to antagonize.
China's economy is slowing and may slow down further, analysts warn. But it has nothing to do, they say, with Trump or the trade war. Instead, it is related to Chinese government policies since 2016 to bring the country's mountain of debt under control.
For years, Chinese growth was fueled by credit, some of it issued by murky institutions known as "shadow banks" because they operated outside the formal banking sector, making it difficult for the government to control. Between 2008 and 2017, China's credit grew faster than that of any other economy in history: by $29 trillion, compared with gross domestic product growth of $7 trillion.
It seemed the normal rules of boom and bust did not apply. By mid-2017, China's debt reached 256% of GDP. Chinese GDP growth eased from 6.8% in the first quarter to 6.7% in the second, and it is expected to slow further in coming months. Spending on infrastructure was 6% in the first half, compared with 8.6% the previous year.
"It is not U.S. trade pressure that is bringing about this reckoning in its economic outlook. That's very important because it means that China must change its course regardless of whether what we do here in Washington is naughty or nice," said China economic analyst Daniel Rosen.
Is China's economy in danger of a major shock because of the debt mountain?
China has recognized the problem and begun to restructure its economy. Report co-author Logan Wright argues that China cannot grow its way out of the problem. A slowdown is inevitable -- and the risk of some kind of financial shock is real.
Some believe that the Trump administration is pushing China hard right now because of its economic vulnerability, seeing an opportunity to back it into a corner and slow China's rise.
JP Morgan chief China economist Zhu Haibin predicted last month that the trade war would cost China 700,000 jobs as companies move factories out, independent online financial news site Caixin reported.