China: New Cold War Has Already Begun

Written by Swiss America

HowBadTr4adeWarThe New Cold War? It's With China, and It Has Already Begun -Ferguson/New York Times
"When did Cold War II begin? Future historians will say it was in 2019. Some will insist that a new Cold War had already begun - with Russia - in 2014, when Moscow sent its troops into Ukraine. But the deterioration of Russian-American relations pales in comparison to the rise in Sino-American antagonism that has unfolded over the past couple of years....

Public opinion made a similar shift. A Pew Research Center survey showed that the percentage of Americans holding an unfavorable view of China jumped to 60 percent in 2019 from 47 percent the year before. Only 26 percent of Americans held a favorable view of the country. Something else changed in 2019. What had started out as a trade war - a tit for tat over tariffs while the two sides argued about the American trade deficit and Chinese intellectual property theft - rapidly metamorphosed into a cluster of other conflicts....The threat also loomed of a currency war over the exchange rate for the Chinese yuan, which the People's Bank of China has allowed to weaken against the dollar....Evidence of Chinese espionage and influence operations in American academia and Silicon Valley is already pushing the government to reprioritize national security in research and development. It would be nothing short of disastrous if China won the race for quantum supremacy, which could render all conventional computer encryption obsolete. The one big risk with Cold War II would be to assume confidently that the United States is bound to win it....In 2007, the economist Moritz Schularick and I used the term 'Chimerica' to describe the symbiotic economic relationship between China and the United States. Today, that partnership is dead. Cold War II has begun. And, if history is any guide, it will last a lot longer than the president on whose watch it started."