There is a lot of posturing going on. Russia’s annual trade with China totals around $85 billion with exports and imports. However, that is nothing compared to China’s dependence on trade with the US.

China’s annual trade with the US is around $600 billion and the US trade deficit with China, its main trading partner, is about $350 billion, give or take about $25 billion. The US trade deficit with the EU is around $147 billion, out of some close to $700 billion trade, which is another significant amount. The US trade deficit with Canada, its third largest trading partner, depending on the source of the information, is no more than about $12 billion and is likely much lower. China is counting on a more independent economic future but is not likely to rock the boat too much with the US at this time, even for Russia, despite the fact that Russia is a key nation for resources and a reliable land link to Europe.

With his tariffs, sanctions and his warmongering cabinet, Trump has lost the US business cool. He has succeeded in making his nation look desperate to end foreign trade deficits and to end other nations abandoning the use of US petrodollars.

The US is in fact still the richest and most powerful nation. It has the military high ground and is dominant, but it is economically wounded and some time ago it lost the moral high ground and a great deal of international trust. Unless it starts another war at this time, which it cannot afford, it is most likely that the EU, Russia, China and most other nations will just wait around enduring the tariffs and sanctions and let the US just bleed itself out. This is a pretty bleak forecast and I sincerely hope I am wrong and that there are more positive options for everyone.