We should leave it to the USA to knock China down a peg or two. China is challenging the US global hedgemony and we're not the USA.
Instead we have now
Since the Trump engineered China conflict the USA has displaced us as a preferred supplier of beef, wine, fish, barley, cotton etc etc and argueably improved its ongoing deteriorating trade balance with China while China is pairing away at out massive trade surplus with China.
Not what one would call a economically rational strategy by Aus...eh?
We fail to understand that economics trumps politics in the longer term and our rapid accumulation of debt at a time of increasing inflation and the spectre of a protracted global recession/depression is not an intelligent move , IMO. We should be making hay while the sun shines , balancing our budget and paying off debt before the interest bill cripples us altogether.
Out politics has essentially left us with the USA (an export competitor), Canada (another export competitor) & the UK (a failing post Brexit economy) to trade with and perhaps a handful of non-aligned 3rd world countries.
Once China shores up its coal/LNG & iron ore supplies elsewhere, its bye bye our coal & iron ore big earners, IMO. If we take iron ore & coal/LNG exports out of our current exports, we're in more strife than Ned Kelly, IMO.
And what's the solution?
IMO we should call on America to supply us with cheap capital (its printing 3 Trillion over the next 2 years so an extra lazy $500 billion would not be a big issue imo) to finance the building of of 2 mega Steel mills/smelters (costof labour is not a big issue nowadays because of automation etc...just look at Japan & Korea ....their cost of labour has not stopped their steel production and downstream manufacturing...eh?)
That would be a start with aluminium & ag products to follow
As such we can grow our GDP by an extra 3% P/A and then all we have to do is to ensure that that trickles down by legislation (not by luck)
