Trump’s old concept of tariffs originates in U.S. policies from the 19th century. He believes that he excels in the art of creating a “level playing field” to generate jobs at home. But what he is proposing would be the highest tariff level since the Great Depression.

The timing of China’s new stimulus package is not coincidental. Arriving just before the 75th anniversary of the People’s Republic, the announcement was well-received by equity investors, leading to a surge of more than 15% in the country’s main stock indices.

The rare 50-basis-point interest rate cut is the American central bank’s response to a slowing economy. It will inevitably have far-reaching effects. For China, it is likely to influence capital flows and cause fluctuations in China’s financial markets. It will also put upward pressure on the yuan, which could hurt the country’s exporters.

The implications of recent stock market volatility in the United States, combined with slowing job growth and rising unemployment, are causing a panic and triggering discussions about an inflection point. The signs of a recession are rattling the market’s shared hope for a soft landing.

Only through steadfast multilateral policy coordination and flexible, effective measures can global financial markets weather the storm safely and achieve stability and development.

Carefully parsed economic data may serve as a smokescreen to conceal the genuine state of the U.S. economy and mislead investors. The fog confuses both the observers and the promoters of perceptions, rendering everyone incapable of gauging the seriousness of underlying issues.

China's economic growth has slowed while American politicians continue to advocate for protectionism, which is concerning as history shows that free markets are key to prosperity. China's struggles underscore the need for more economic freedom, not less.

The United States has seen consistent monthly growth throughout the year, but certain risk factors are accumulating. The future trajectory of the U.S. economy will depend on the relative development of economic growth drivers and the potential risks. China must respond thoughtfully.

At the end of World War II, the United States accounted for more than half the world’s economic output and gold reserves. The United Kingdom was effectively bankrupt, with the remnants of the sterling area bound together by capital and trade controls. Once the British pound became convertible in July 1947, owing to US insistence, it succumbed to overwhelming selling pressure. The dollar, which was pegged to gold at $35 an ounce, was buoyed by America’s privileged position within the newly formed International Monetary Fund and quickly established itself as the bedrock of global trade and finance.

Five years into a once-unthinkable trade war with China, US Treasury Secretary Janet Yellen chose her words carefully on April 20. In a wide-ranging speech, she reversed the terms of US engagement with China, prioritizing national-security concerns over economic considerations. That formally ended a 40-year emphasis on economics and trade as the anchor to the world’s most important bilateral relationship. Yellen’s stance on security was almost confrontational: “We will not compromise on these concerns, even when they force trade-offs with our economic interests.”