Wall Street's Fearful Fall

This article from the World Socialist Web Site analyzes the escalating economic war between the US and China, focusing on the Biden administration's trade policies and their global implications. It argues that Biden's policies, while framed as countering Chinese "unfair competition," are exacerbating existing economic tensions and threatening a global recession. The article highlights the expansion of trade restrictions, including tariffs and export controls, particularly targeting advanced technologies like semiconductors. The author contends that these measures are not simply about economic competition but reflect a broader geopolitical strategy aimed at containing China's rise. They criticize the Democrats and Republicans for pursuing policies that prioritize military spending and geopolitical dominance over addressing domestic economic needs. The article also examines the impact of these policies on global supply chains and the potential for a fragmentation of the world economy into rival blocs. Finally, it addresses the concerns regarding the US dollar's position as the world's reserve currency, noting its recent decline amidst the uncertainties generated by the economic war. The article concludes that the current trajectory risks a significant economic downturn and underscores the need for a different approach to international relations based on cooperation rather than confrontation. find the original article here: https://www.wsws.org/en/articles/2025/04/11/vreq-a11.html