{"id":309751,"date":"2025-06-03T06:33:22","date_gmt":"2025-06-03T06:33:22","guid":{"rendered":"https:\/\/www.thetruthseeker.co.uk\/?p=309751"},"modified":"2025-06-05T06:42:24","modified_gmt":"2025-06-05T06:42:24","slug":"trump-orders-china-to-open-up-to-wall-street-looting","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=309751","title":{"rendered":"Trump Orders China to &#8220;Open Up&#8221; to Wall Street Looting"},"content":{"rendered":"<div class=\"wp-block-image\"><\/div>\n<h1 style=\"text-align: center;\"><strong>Mike Whitney \u2013 The Unz Review June 1, 2025<\/strong><\/h1>\n<div align=\"center\">\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Trump wants China to open up its key sectors like finance, real estate &amp; high-tech industries so that his billionaire Zionist buddies can buy up the assets (using the freely printed USD the Fed gave them) and control China like they control America. <a href=\"https:\/\/t.co\/Ln3s0O9zow\">https:\/\/t.co\/Ln3s0O9zow<\/a><\/p>\n<p>\u2014 \u502a\u660e\u8fbe (Ni Mingda) (@NiMingDa_888) <a href=\"https:\/\/twitter.com\/NiMingDa_888\/status\/1920929498213614075?ref_src=twsrc%5Etfw\">May 9, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<\/div>\n<p>On Friday, President Donald Trump delivered a blistering attack on China accusing Beijing of breaking the terms of an agreement that was consummated just weeks earlier in Switzerland. Here\u2019s what Trump posted on his Truth Social site on May 30, 2025:<\/p>\n<p style=\"padding-left: 40px;\">Two weeks ago China was in grave economic danger! The very high Tariffs I set made it virtually impossible for China to TRADE into the United States marketplace which is, by far, number one in the World. We went, in effect, COLD TURKEY with China, and it was devastating for them. Many factories closed and there was, to put it mildly, \u201ccivil unrest.\u201d I saw what was happening and didn\u2019t like it, for them, not for us. I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn\u2019t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that <strong>China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US<\/strong>. <strong>So much for being Mr. NICE GUY!<\/strong> Donald J. Trump@realDonaldTrump<\/p>\n<p>Ignoring the fact that China is in no economic trouble at all (Note: China\u2019s GDP grew by 5.4% in the first quarter of 2025 while Chinese exports soared by more than 12% in March 2025), there are a number of things wrong with Trump\u2019s statement, the most obvious of which is that <strong>there is no formal treaty or binding contract between the Trump administration and China on the Tariffs issue. <\/strong>None. Trump even admitted as much on Truth Social on May 10 and 11, when he said, \u201cmuch agreed to,\u201d though he highlighted the need to \u201cpaper it\u201d or formalize it in writing.<\/p>\n<p>What happened is this: China generously offered to sign a joint statement following the confab in Geneva where Treasury Secretary Scott Bessent barged-in on a pre-scheduled meeting between Chinese and Swiss officials (that had nothing to do with US trade policy) and offered to slash Trump\u2019s gigantic tariffs (to 30%) in exchange for nothing. <strong>(Bessent was obviously panicking over extreme market volatility on Wall Street and capitulated on the spot.) China made no concessions. <\/strong>Bessent basically put on sackcloth and ashes and publicly debased himself in front of the world for nothing. The only thing that was mutually agreed upon was \u201cto establish a US-China trade consultation mechanism\u201d. In other words, they agree to talk to each other in the future. Big deal.<\/p>\n<p>And now Trump is saying China \u201chas totally violated its agreement with us\u201d?<\/p>\n<p>What agreement, and what \u2018violation\u2019 is Trump talking about? No one even knows what he means??<\/p>\n<p>In fact, his comments were so opaque, US Trade Representative Jamieson Greer had to clarify what he meant later in the day. On Friday, in an appearance on CNBC,<strong> Greer said that while China had reduced some tariff rates as agreed, it had not fully removed certain non-tariff countermeasures implemented during the trade war.<\/strong><\/p>\n<p style=\"padding-left: 40px;\">\u201cThey removed the tariff like we did but some of the countermeasures they\u2019ve slowed on,\u201d he said.<\/p>\n<p>WTF? \u201cNon-tariff countermeasures\u201d? So, this isn\u2019t even about the tariffs??<\/p>\n<p>Nope. In fact, <strong>non-tariff barriers could refer to any number of things from sovereign regulations limiting foreign investment to subsidies to state-owned businesses<\/strong>. Here\u2019s one explanation from analyst Arnaud Bertrand:<\/p>\n<p>\u201cThis is why Trump is angry, as per the WSJ\u2026<strong> after the talks in Geneva the U.S. decided to adopt new rules banning the use of Huawei\u2019s new AI chips \u201canywhere in the world\u201d (which, insanely, includes China), which China said \u201cseriously undermined consensus reached at the high-level bilateral talks in Geneva.<\/strong>\u201d<\/p>\n<p>In response China is slow-walking approvals for export licenses of rare earths, and US automakers are warning the White House that \u201cauto plants may have to idle in pandemic-style stoppages\u201d as a result.<\/p>\n<div class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" class=\"wpa-warning wpa-image-missing-alt aligncenter size-full wp-image-309752\" src=\"https:\/\/www.thetruthseeker.co.uk\/wp-content\/uploads\/2025\/06\/GsQ6by9aMAEO0w3-ChinaOpenMW-1.png\" alt=\"\" width=\"700\" height=\"443\" data-warning=\"Missing alt text\" srcset=\"https:\/\/www.thetruthseeker.co.uk\/wp-content\/uploads\/2025\/06\/GsQ6by9aMAEO0w3-ChinaOpenMW-1.png 700w, https:\/\/www.thetruthseeker.co.uk\/wp-content\/uploads\/2025\/06\/GsQ6by9aMAEO0w3-ChinaOpenMW-1-480x304.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 700px, 100vw\" \/><\/div>\n<p>The WSJ report should help readers to see what is really going on below the surface. On the one hand, we have Trump and Co. trying to convince their MAGA supporters that the \u2018tariffs war\u2019 is all about \u201cbringing manufacturing jobs back to the US\u201d and \u201cre-industrializing America\u201d, while on the other, we have Trump using the talks in Geneva as a way to thwart China\u2019s technological development while extracting concessions on the export of rare earths.<\/p>\n<p>Naturally, China has responded to Trump\u2019s claim that they \u201ctotally violated their agreement with us.\u201d(although you wouldn\u2019t know it by reading the western media.) On Saturday, China\u2019s embassy spokesperson, Liu Pengyu, said that China has maintained communications on trade matters with the US, but expressed concerns about U.S. policies, saying, <strong>\u201cChina once again urges the U.S. to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva.\u201d This response highlights China\u2019s position that the U.S. is engaging in \u201cerroneous actions\u201d and abusing export control measures, particularly in the semiconductor industry.<\/strong><\/p>\n<p>This is a very polite way of saying that China is not going to play Trump\u2019s silly game. If the administration chooses to break WTO rules and unilaterally ban Huawei\u2019s new AI chips \u201canywhere in the world\u201d, then they can expect that China will retaliate. The US is not used to someone its own size, calling its bluff, but that is simply the new reality.<\/p>\n<p>But we think there is more to these \u201cnon-tariff barriers\u201d than meets the eye. We think Trump\u2019s real target is something much more ambitious and lucrative. Check it out:<\/p>\n<p style=\"padding-left: 40px;\"><strong>\u201cThey\u2019ve agreed to open up China. \u2026 The biggest thing to me is the opening up<\/strong>. I think it would be fantastic for our businesses if we could go in and compete.\u201d President Donald Trump, White House Press Conference, (on trade negotiations following talks in Geneva, May 12, 2025)<\/p>\n<p style=\"padding-left: 40px;\">\u201cFree up China and sell our product. <strong>Open China.<\/strong> But I\u2019m not even sure I\u2019m going to ask for it because they don\u2019t want it open. But <strong>because of tariffs, I can possibly get that.<\/strong>\u201d President Donald Trump, April 25, 2025<\/p>\n<p>Does this sound like a man whose primary objective is to bring manufacturing jobs back to the United States or to reindustrialize the country?<\/p>\n<p>No. This sounds like a man who wants to win the praise of his billionaire friends by providing access to the most behemoth mountain of surplus capital in the world today. China, the golden goose.<\/p>\n<p>Keep in mind, <strong>Scott Bessent is a former hedge fund manager who was a partner at Soros Fund Management (SFM)<\/strong> and \u2026.a leading member of the group that profited by $1 billion on Black Wednesday, the British Pound sterling crisis\u2026..Bessent has advocated pushing for concessions from U.S. trading partners to restrict their economic relationships with China in order to isolate China and gain leverage over it in potential trade talks. (Wikipedia)<\/p>\n<p><strong>Trump and Bessent are a tag-team<\/strong>;<strong> they\u2019re cut from the same cloth<\/strong>. They\u2019re not interested in making America great again. <strong>They\u2019re interested in accessing and liberalizing China\u2019s financial markets, so the Wall Street banks can do to China what they have done to the United States<\/strong>, transform it into a poverty-stricken basket-case that is $35 trillion in debt and headed for Davey Jones locker. That is the overriding ambition of every financial parasite on Wall Street.<\/p>\n<p>Bessent believes that China should remove restrictions on foreign financial institutions and allow U.S. banks to operate freely in its $18.6 trillion economy, particularly in banking, asset management, and securities. He thinks this would integrate China into global finance, reducing trade imbalances\u2026 (April 23, 2025, Institute of International Finance).<\/p>\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-19\/jpmorgan-wins-full-control-of-china-fund-venture-after-long-wait\">JPMorgan, StanChart Approved for Fully-Owned China Ventures. US financial firm can buy 49% stake in its joint venture; JPMorgan expands further<\/a><\/p>\n<p style=\"padding-left: 40px;\">Bloomberg article summary: On January 19, 2023, Bloomberg reported that <strong>JPMorgan Chase &amp; Co. gained full control of its China mutual fund joint venture, acquiring a 49% stake in China International Fund Management Co. from Shanghai International Trust Co., as approved by the China Securities Regulatory Commission (CSRC)<\/strong>. This move aligned JPMorgan with rival Manulife Financial Corp. in securing 100% ownership of a business in China\u2019s 26 trillion yuan ($3.8 trillion) market. JPMorgan\u2019s asset management arm, established in 2016, will be integrated under the JPMorgan Asset Management (JPMAM) brand in China.<strong> Similarly, Standard Chartered received CSRC approval to set up a wholly-owned securities brokerage in China, with a registered capital of 1.05 billion yuan, offering services like underwriting and asset management. This follows China\u2019s accelerated approvals for foreign firms, with Manulife and others gaining clearances in late 2022, boosting competition in the market <\/strong>(Grok)<\/p>\n<p>Banks like JPMorgan, Goldman Sachs, and Morgan Stanley seek greater market share in China\u2019s $55 trillion financial sector (2024, including banking and securities). Currently, foreign banks hold only 1.3% of China\u2019s banking assets ($59 trillion) and face caps on ownership\u2026.<\/p>\n<p style=\"padding-left: 40px;\"><strong>Benefit: Opening markets would allow Wall Street to compete with Chinese banks, tapping into China\u2019s $19-20 trillion household savings\u2026<\/strong><\/p>\n<p style=\"padding-left: 40px;\">Wall Street banks\u2014major U.S. financial institutions like JPMorgan Chase, Goldman Sachs, Morgan Stanley, and Citigroup\u2014play a significant but complex role in Bessent\u2019s demands. They stand to benefit from China\u2019s market opening, particularly in financial services and capital markets, <strong>but their involvement also raises concerns about financial extraction and geopolitical tensions\u2026<\/strong><\/p>\n<p style=\"padding-left: 40px;\">(according to Bessent) China should relax capital controls, allowing freer flows of foreign investment and yuan convertibility, <strong>integrating its $3.1 trillion foreign exchange reserves and $12 trillion bond market into global finance.<\/strong> Bessent sees this as part of \u201crestoring equilibrium\u201d to global markets. (Note\u2014China is being asked to trust its national savings with the crooks who blew up the financial system in 2008 costing the world over $50 trillion.)<\/p>\n<p>Here\u2019s the former Soro\u2019s fund manager, Scott Bessent in his own words:<\/p>\n<p style=\"padding-left: 40px;\"><strong>\u201cOur goal is not to decouple from China, but to open markets <\/strong>and restore balance. We\u2019ll continue trading with China, especially in non-strategic goods, and at lower tariff levels.\u201d Treasury Secretary Scott Bessent wrote on X, May 18, 2025<\/p>\n<p><strong>China\u2019s market opening is a condition for de-escalating the trade war\u2026 Financial market access is a key U.S. demand in talks<\/strong>(Q3 2025 target, per Reuters). (Note\u2014There it is in black and white; \u2018Open up or the war continues.)<\/p>\n<p>Check out these quotes from Trump\u2019s statement delivered in the White House on May 12, and you\u2019ll understand what\u2019s going on:<\/p>\n<p>On the Agreement and China\u2019s Actions:<\/p>\n<p style=\"padding-left: 40px;\">We achieved a total reset with China after productive talks in Geneva.<strong> China agreed to open itself up to American business. They\u2019ve agreed to suspend or remove the non-tariff countermeasures they imposed on the United States <\/strong>since April 2, 2025. This is maybe the most important thing to come out of these high-level trade talks between the two superpowers in Geneva, Switzerland, over the weekend.<\/p>\n<p>On the Importance of Opening Markets:<\/p>\n<p style=\"padding-left: 40px;\"><strong>The best part of the deal was that we opened up China. China agreed to open itself up to American business<\/strong>. We have to get it papered, but they\u2019ve agreed to open up China.<\/p>\n<p>On the Process and Future Steps:<\/p>\n<p style=\"padding-left: 40px;\">China deal \u2018not the easiest thing to paper.\u2019 <strong>We have to get it papered, but they\u2019ve agreed to open up China<\/strong>. We achieved a total reset with China after productive talks in Geneva. I didn\u2019t rule out raising tariffs on China again if a final agreement isn\u2019t reached in 90 days<\/p>\n<p>This is pure fiction. Yes, China has lifted some restrictions on foreign banks and liberalized parts of its financial system, but the Chinese Communist Party (CCP) still exerts absolute control over China\u2019s banking and finance sectors as well as the nation\u2019s Central Bank which is led by the CCP. (\u201cThe PBOC sets monetary policy, interest rates, and reserve requirements, aligning financial policy with party goals like economic stability and growth.\u201d)<\/p>\n<p>There is no chance that China will follow the same path as the United States and put its future in the hands of the voracious miscreants who have taken everything of value and left the country drowning in red ink. Even so, there is reason for concern. As one Chinese analyst put it:<\/p>\n<div align=\"center\">\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The most dangerous time for China is when the decline of the U.S. reaches terminal velocity &amp; parasitic Western\/Zionist billionaires look for a new host.<\/p>\n<p>\u2014 \u502a\u660e\u8fbe (Ni Mingda) (@NiMingDa_888) <a href=\"https:\/\/twitter.com\/NiMingDa_888\/status\/1724786006740873584?ref_src=twsrc%5Etfw\">November 15, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.unz.com\/mwhitney\/trump-orders-china-to-open-up-to-wall-street-looting\/\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As one Chinese observer recently put it: \u201cThe most dangerous time for China is when the decline of the U.S. reaches terminal velocity &#038; parasitic Western\/Zionist billionaires look for a new host\u201d.<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[78,66],"tags":[],"class_list":["post-309751","post","type-post","status-publish","format-standard","hentry","category-china","category-Economics"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/309751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=309751"}],"version-history":[{"count":3,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/309751\/revisions"}],"predecessor-version":[{"id":309755,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/309751\/revisions\/309755"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=309751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=309751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=309751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}