As Trump isolates the U.S. with his recent ‘economic aggression’ policy, Russia believes China will soon takeover as number one economy
With nearly a full year under his belt, President Donald Trump has done alot to try to stimulate economic conditions on the home front through the removal of stifling regulations and the passage of a new tax reform act.¬† However what he has failed to do so far is lower the nation’s trade deficit, and in fact from his recent policy speech on national security, Trump is alienating trade partners by calling them ‘economic aggressors’.
And should this trend continue, then according to Russia’s Foreign Minister the likelihood of the U.S. losing the top spot as the world’s number economy to China is quite high.
Backed by BRICS partners Russia and India, China will soon take the top spot from the United States as the world’s biggest economy, Russian Foreign Minister Sergey Lavrov told RT.
Lavrov pointed out that the growing influence of BRICS in the global economy and the G20 will lead to a multi-polar world.
‚ÄúI believe that our Western counterparts in the G20 realize more and more they need to bargain, they need to agree,‚ÄĚ¬†Lavrov said in an exclusive interview with RT.
‚ÄúBRICS is not alone – it has allies, including Saudi Arabia, Mexico, Argentina, and Indonesia. I think half of the G20 group seek to take part in the decision-making process,‚ÄĚ¬†he said. ‚Äď¬†Russia Today
However there is one additional thing Minister Lavrov failed to mention on which could play a key role in hastening America’s decline from the top of the list, and that is China’s readiness to implement a new yuan-denominated oil contract that will bite severely into the U.S.’s chokehold on the global reserve currency.
2018 is expected to be another watershed year in the ongoing transition of global economic power from West to East.¬† And while it is often difficult to make accurate predictions on how and when these changes may occur, the linchpin for change could potentially come from Europe, since the Middle East and Latin America are already moving swiftly into China’s camp.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.