The global pandemic we are currently under siege from originated in Wuhan, China and has shed some light on a few areas of concern for many Americans. Some pundits say that the virus deliberately came from a laboratory as a means of unleashing China’s supremacy over the world. Others believe it originated from a “wet market” where many rare animals are sold for consumption by human beings. Regardless, of where it came from, this has put China under the spotlight and should be cause for concern for citizens in the United States.
First, it has shown us that we are very dependent on China. They manufacture some 90+ percent of our drugs in this country. When we need massive amounts of drugs produced on short notice, will they be able to deliver them in the quantities we need and as quickly as we need them?
Second, they own a lot of our debt. When we need to raise money (i.e. a $2 trillion stimulus package) someone needs to buy those bonds. The US government simply cannot continue to print money and mortgage the future of future generations. Some say we are way past that.
Third, we have sold out to China’s cheap labor for the past 40 years. We buy everything they make. This does make us co-dependent on each other. Without the voracious appetite of the US consumer to devour goods produced in China, they would have less demand for what they produce.
The solution is not an easy one. US tariffs levied on China in the past year in an attempt to even the balance of trade between our countries has not sat well with them. It will be interesting to see how our relations with a Communist country play out.