Trump Orders China to "Open Up" to Wall Street Looting
Mike Whitney • Sunday, June 1, 2025 • 2,100 WordsTrump wants China to open up its key sectors like finance, real estate & high-tech industries so that his billionaire Zionist buddies can buy up the assets (using the freely printed USD the Fed gave them) and control China like they control America. https://t.co/Ln3s0O9zow
— 倪明达 (Ni Mingda) (@NiMingDa_888) May 9, 2025
On Friday, President Donald Trump delivered a blistering attack on China accusing Beijing of breaking the terms of an agreement that was consummated just weeks earlier in Switzerland. Here’s what Trump posted on his Truth Social site on May 30, 2025:
Two weeks ago China was in grave economic danger! The very high Tariffs I set made it virtually impossible for China to TRADE into the United States marketplace which is, by far, number one in the World. We went, in effect, COLD TURKEY with China, and it was devastating for them. Many factories closed and there was, to put it mildly, “civil unrest.” I saw what was happening and didn’t like it, for them, not for us. I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY! Donald J. Trump@realDonaldTrump
Ignoring the fact that China is in no economic trouble at all (Note: China’s GDP grew by 5.4% in the first quarter of 2025 while Chinese exports soared by more than 12% in March 2025), there are a number of things wrong with Trump’s statement, the most obvious of which is that there is no formal treaty or binding contract between the Trump administration and China on the Tariffs issue. None. Trump even admitted as much on Truth Social on May 10 and 11, when he said, “much agreed to,” though he highlighted the need to “paper it” or formalize it in writing.
What happened is this: China generously offered to sign a joint statement following the confab in Geneva where Treasury Secretary Scott Bessent barged-in on a pre-scheduled meeting between Chinese and Swiss officials (that had nothing to do with US trade policy) and offered to slash Trump’s gigantic tariffs (to 30%) in exchange for nothing. (Bessent was obviously panicking over extreme market volatility on Wall Street and capitulated on the spot.) China made no concessions. Bessent basically put on sackcloth and ashes and publicly debased himself in front of the world for nothing. The only thing that was mutually agreed upon was “to establish a US-China trade consultation mechanism”. In other words, they agree to talk to each other in the future. Big deal.
And now Trump is saying China “has totally violated its agreement with us”?
What agreement, and what ‘violation’ is Trump talking about? No one even knows what he means??
In fact, his comments were so opaque, US Trade Representative Jamieson Greer had to clarify what he meant later in the day. On Friday, in an appearance on CNBC, Greer said that while China had reduced some tariff rates as agreed, it had not fully removed certain non-tariff countermeasures implemented during the trade war.
“They removed the tariff like we did but some of the countermeasures they’ve slowed on,” he said.
WTF? “Non-tariff countermeasures”? So, this isn’t even about the tariffs??
Nope. In fact, non-tariff barriers could refer to any number of things from sovereign regulations limiting foreign investment to subsidies to state-owned businesses. Here’s one explanation from analyst Arnaud Bertrand:
“This is why Trump is angry, as per the WSJ… after the talks in Geneva the U.S. decided to adopt new rules banning the use of Huawei’s new AI chips “anywhere in the world” (which, insanely, includes China), which China said “seriously undermined consensus reached at the high-level bilateral talks in Geneva.”
In response China is slow-walking approvals for export licenses of rare earths, and US automakers are warning the White House that “auto plants may have to idle in pandemic-style stoppages” as a result.
The WSJ report should help readers to see what is really going on below the surface. On the one hand, we have Trump and Co. trying to convince their MAGA supporters that the ‘tariffs war’ is all about “bringing manufacturing jobs back to the US” and “re-industrializing America”, while on the other, we have Trump using the talks in Geneva as a way to thwart China’s technological development while extracting concessions on the export of rare earths.
Naturally, China has responded to Trump’s claim that they “totally violated their agreement with us.”(although you wouldn’t know it by reading the western media.) On Saturday, China’s embassy spokesperson, Liu Pengyu, said that China has maintained communications on trade matters with the US, but expressed concerns about U.S. policies, saying, “China once again urges the U.S. to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva.” This response highlights China’s position that the U.S. is engaging in “erroneous actions” and abusing export control measures, particularly in the semiconductor industry.
This is a very polite way of saying that China is not going to play Trump’s silly game. If the administration chooses to break WTO rules and unilaterally ban Huawei’s new AI chips “anywhere in the world”, then they can expect that China will retaliate. The US is not used to someone its own size, calling its bluff, but that is simply the new reality.
But we think there is more to these “non-tariff barriers” than meets the eye. We think Trump’s real target is something much more ambitious and lucrative. Check it out:
“They’ve agreed to open up China. … The biggest thing to me is the opening up. I think it would be fantastic for our businesses if we could go in and compete.” President Donald Trump, White House Press Conference, (on trade negotiations following talks in Geneva, May 12, 2025)
“Free up China and sell our product. Open China. But I’m not even sure I’m going to ask for it because they don’t want it open. But because of tariffs, I can possibly get that.” President Donald Trump, April 25, 2025
Does this sound like a man whose primary objective is to bring manufacturing jobs back to the United States or to reindustrialize the country?
No. This sounds like a man who wants to win the praise of his billionaire friends by providing access to the most behemoth mountain of surplus capital in the world today. China, the golden goose.
Keep in mind, Scott Bessent is a former hedge fund manager who was a partner at Soros Fund Management (SFM) and ….a leading member of the group that profited by $1 billion on Black Wednesday, the British Pound sterling crisis…..Bessent has advocated pushing for concessions from U.S. trading partners to restrict their economic relationships with China in order to isolate China and gain leverage over it in potential trade talks. (Wikipedia)
Trump and Bessent are a tag-team; they’re cut from the same cloth. They’re not interested in making America great again. They’re interested in accessing and liberalizing China’s financial markets, so the Wall Street banks can do to China what they have done to the United States, transform it into a poverty-stricken basket-case that is $35 trillion in debt and headed for Davey Jones locker. That is the overriding ambition of every financial parasite on Wall Street.
Bessent believes that China should remove restrictions on foreign financial institutions and allow U.S. banks to operate freely in its $18.6 trillion economy, particularly in banking, asset management, and securities. He thinks this would integrate China into global finance, reducing trade imbalances… (April 23, 2025, Institute of International Finance).
Bloomberg article summary: On January 19, 2023, Bloomberg reported that JPMorgan Chase & Co. gained full control of its China mutual fund joint venture, acquiring a 49% stake in China International Fund Management Co. from Shanghai International Trust Co., as approved by the China Securities Regulatory Commission (CSRC). This move aligned JPMorgan with rival Manulife Financial Corp. in securing 100% ownership of a business in China’s 26 trillion yuan ($3.8 trillion) market. JPMorgan’s asset management arm, established in 2016, will be integrated under the JPMorgan Asset Management (JPMAM) brand in China. Similarly, Standard Chartered received CSRC approval to set up a wholly-owned securities brokerage in China, with a registered capital of 1.05 billion yuan, offering services like underwriting and asset management. This follows China’s accelerated approvals for foreign firms, with Manulife and others gaining clearances in late 2022, boosting competition in the market (Grok)
Banks like JPMorgan, Goldman Sachs, and Morgan Stanley seek greater market share in China’s $55 trillion financial sector (2024, including banking and securities). Currently, foreign banks hold only 1.3% of China’s banking assets ($59 trillion) and face caps on ownership….
Benefit: Opening markets would allow Wall Street to compete with Chinese banks, tapping into China’s $19-20 trillion household savings…
Wall Street banks—major U.S. financial institutions like JPMorgan Chase, Goldman Sachs, Morgan Stanley, and Citigroup—play a significant but complex role in Bessent’s demands. They stand to benefit from China’s market opening, particularly in financial services and capital markets, but their involvement also raises concerns about financial extraction and geopolitical tensions…
(according to Bessent) China should relax capital controls, allowing freer flows of foreign investment and yuan convertibility, integrating its $3.1 trillion foreign exchange reserves and $12 trillion bond market into global finance. Bessent sees this as part of “restoring equilibrium” to global markets. (Note—China is being asked to trust its national savings with the crooks who blew up the financial system in 2008 costing the world over $50 trillion.)
Here’s the former Soro’s fund manager, Scott Bessent in his own words:
“Our goal is not to decouple from China, but to open markets and restore balance. We’ll continue trading with China, especially in non-strategic goods, and at lower tariff levels.” Treasury Secretary Scott Bessent wrote on X, May 18, 2025
China’s market opening is a condition for de-escalating the trade war… Financial market access is a key U.S. demand in talks(Q3 2025 target, per Reuters). (Note—There it is in black and white; ‘Open up or the war continues.)
Check out these quotes from Trump’s statement delivered in the White House on May 12, and you’ll understand what’s going on:
On the Agreement and China’s Actions:
We achieved a total reset with China after productive talks in Geneva. China agreed to open itself up to American business. They’ve agreed to suspend or remove the non-tariff countermeasures they imposed on the United States since April 2, 2025. This is maybe the most important thing to come out of these high-level trade talks between the two superpowers in Geneva, Switzerland, over the weekend.
On the Importance of Opening Markets:
The best part of the deal was that we opened up China. China agreed to open itself up to American business. We have to get it papered, but they’ve agreed to open up China.
On the Process and Future Steps:
China deal ‘not the easiest thing to paper.’ We have to get it papered, but they’ve agreed to open up China. We achieved a total reset with China after productive talks in Geneva. I didn’t rule out raising tariffs on China again if a final agreement isn’t reached in 90 days
This is pure fiction. Yes, China has lifted some restrictions on foreign banks and liberalized parts of its financial system, but the Chinese Communist Party (CCP) still exerts absolute control over China’s banking and finance sectors as well as the nation’s Central Bank which is led by the CCP. (“The PBOC sets monetary policy, interest rates, and reserve requirements, aligning financial policy with party goals like economic stability and growth.”)
There is no chance that China will follow the same path as the United States and put its future in the hands of the voracious miscreants who have taken everything of value and left the country drowning in red ink. Even so, there is reason for concern. As one Chinese analyst put it:
The most dangerous time for China is when the decline of the U.S. reaches terminal velocity & parasitic Western/Zionist billionaires look for a new host.
— 倪明达 (Ni Mingda) (@NiMingDa_888) November 15, 2023
Are we there yet?