Loki the steel mill scenario sounds reasonable until you consider that japan was far more dependent on exports for it's gdp, whereas only 30% of china's gdp is reliant on exports and only 30% of that goes to America. So the chinese of course will try to negotiate down the price but I think their need is greater due to their demographic pressures and their need to modernise now before too many external and internal pressures hinder them e.g climate change pressure.
Loki the steel mill scenario sounds reasonable until you...
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