Opening markets to more than a billion people was just too much to pass up, so U.S. corporations cozied up to Beijing and, in addition to outsourcing American jobs, sent trillions in American wealth to China.
By the time Donald Trump ran for president, it was obvious that China’s wealth, power and influence in the United States had reached its zenith. U.S. corporations and (mostly Democratic but not exclusively so) politicians fell over themselves to win favor with Beijing in a bid to continue having access to the country’s massive and growing consumer base.
But now, President Trump is on his way out of the White House after four years of beating back China’s advances into nearly every business sector in America, and the incoming president, Joe Biden, is reportedly as beholden to China as are American corporations.
And everybody knows it, which is why New York Stock Exchange officials felt empowered enough to ignore an executive order issued last week by President Trump directing them to delist a number of Chinese telecom giants — China Mobile, China Telecom, and China Unicom Hong Kong — U.S. intelligence identified as being linked to the Chinese military.
This refusal is unprecedented.
The NYSE noted on its parent ICE’s website:
In light of further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control FAQ 857, available here, the New York Stock Exchange LLC (“NYSE”) announced today that NYSE Regulation no longer intends to move forward with the delisting action in relation to the three issuers enumerated below (the “Issuers”) which was announced on December 31, 2020.
At this time, the Issuers will continue to be listed and traded on the NYSE. NYSE Regulation will continue to evaluate the applicability of Executive Order 13959 to these Issuers and their continued listing status.
The stock exchange’s announcement instantly made one of the companies, China Telecom, a truckload more money; shares in the firm rose 8 percent on the news.
So — what does Beijing have to do with this NYSE decision? Only everything. CNBC added:
China vowed on Saturday to respond to the delisting of three telecommunications giants by the New York Stock Exchange under an executive order signed by President Donald Trump in November.
The ministry of commerce said in a statement that China will “take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises,” according to the state-run Global Times.
Now, mind you, this comes as it’s more and more apparent President Trump will be forced out of office Jan. 20, meaning ‘China’ Joe Biden will be temporarily occupying the Oval Office until the deep state disposes of him and installs Vice President Kamala Harris — who is also expected to continue with the deep state’s “China First” policy. (Related: America will officially be an enemy occupied zone with the swearing in of Joe Biden on the 20th of Jan.)
In fact, Beijing has already expressed ‘hope’ that a Biden administration will stop playing America First hardball like Trump did for four years, which weakened China while boosting America.
Reacting to the president’s executive order, the Chinese Commerce Ministry said that the U.S. was “abusing national security and using state power to crack down on Chinese enterprises,” adding the decision is “not in line with market rules and logic, which harms not only the legitimate rights of Chinese enterprises, but also the interests of investors in other countries, including the US.”
“We hope that the US and China will work together to create a fair, stable and predictable business environment for enterprises and investors, so as to get bilateral economic and trade relations back on track,” the statement added.
‘Back on track’ translated means ‘back the way things were before Trump, when we, the Chinese, were coming out on top of every economic and trade deal.’
It’s going to be a long four years, folks.
See more reporting like this at WhiteHouse.news.
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