The relations between two major powers, the US and China, were far from smooth, but the coronavirus pandemic exacerbated the situation. Besides, EU foreign policy chief Josep Borrell added fuel to the fire, claiming that the American-led system is coming to an end and the Asian century is about to replace it. He believes that the policy of US President Donald Trump only contributes to these changes. "Asia will be increasingly important - in economic, security, and technological terms. This is now happening in front of our eyes. If the 21st century turns out to be an Asian century, as the 20th was an American one, the pandemic may well be remembered as the turning point of this process," Borrell said. In his words, the novel COVID-19 pandemic can be seen as a catalyst for this process. On the one hand, China is indeed considered to be the main antagonist to the United States. This is the only country that can compete on even terms with the world's largest economy in many respects. On the other hand, it is possible only when the US allows and does not take any countermeasures. In addition, China is not ready to displace the US and become the world’s leader. According to some experts, the pandemic has shown the true indifferent attitude of China towards its neighbors and disregard for its own citizens, thereby exposing all the negative aspects of its political system. Apart from that, the US is actively protecting its own interests, ignoring possible negative effects. This means that the United States is ready to defend its standing as a world power and will not let China replace it.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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