Biden’s Next Big Economic Problem
Oil crisis was just the beginning.
President Biden is screwed. During a recent interview with Fox, Chair of the China Policy Initiative Steve Yates warned Americans that if China decides to invade Taiwan, it would result in much “bigger consequences” than what is going on right now with Russia and oil.
Yates argued that if China did go to war with Taiwan it would result in economic problems because of the disruption it would bring to chips and software across the world.
During his interview, Yates explained, “Absolutely, and actually in spades, because this is a territory on which the global economy depends much, much more than it does on that of Ukraine. However, we feel about the plight of the Ukrainian people, and surely they’re enduring terrible hardship. There are much bigger consequences to a Chinese attack on Taiwan than just the humanitarian ones, which are severe.”
Yates then explained, “So whether it comes from chips to software to a whole host of different industries, Taiwan is a big part of the global economy. But beyond that, I agree completely with what Secretary Pompeo is saying, and we don’t get to know when or how the Chinese leadership will move. The first thing that Jake Sullivan can do on the path of the United States is stop giving China freebies on making these kinds of threats. They’re the revisionist power in this, and we better come up with a serious way of showing that we’re going to stand by the people of Taiwan, and we look at what happened to Ukraine. We pulled back from defense assistance prior to invasion so as not to provoke. We need to be doing the opposite with Taiwan to the extent their elected leadership is ready to move.”
President Biden needs to look very strong on the world stage right now.
