As the blame game over the origins of the coronavirus between the US and China continues, China has added yet more fuel to fire, threatening to sanction US state officials and entities over lawsuits filed against Beijing.
According to Global Times, a local Chinese newspaper, there are currently at least two US entities and 4 US lawmakers being put on the country’s sanctions list, as a counteractive measure to the lawsuits that were filed against China regarding damages stemming from the coronavirus pandemic. There have been 6 lawsuits filed in US courts thus far, in addition to the US government calling on inquiries to determine where exactly the deadly virus originated from. Mike Pompeo, the US Secretary of State has gone as far as to claim that the virus escaped from a Wuhan lab, even though he has failed to provide any concrete evidence, which still did not stop President Donald Trump from reiterating the statement afterwards.
Nonetheless, Australia has heeded to the US government’s inquiry demands, which in turn has angered Beijing even more. In response, China is stating the US investigation demands are baseless, and are rather a method of spearing the Chinese government. However, the back-and-forth bickering is exposing an even deeper underlying complication between the two countries and according to some experts, it is possibly the beginning of a new Cold War.
According to a report released by Business Insider, Orville Schell, the director of the Center on the US-China Relations at the Asia Society, is suggesting that the recent breakdown of civil relations between China and the US is going to have significant negative impacts on the rest of the world. Thus far, nearly the entirety of global trade and globalization was reliant on the two dominating countries getting along – now however, all of that is in peril amid the latest chaos stemming from the coronavirus pandemic.
If tensions continue to rise, then an all-out Cold War could ensue between the US and China. Thus, that would mean a drawn-out pandemic, further economic instability, and an increase in competition – especially in the military sector. For those reminiscent of the Cold War between the Soviet Union and the United States, it was a time of apprehension and unrest, with the two superpowers sitting on the brink of war which went on for almost 45 years.
Now, the coronavirus pandemic is the last nail in the coffin of the deterioration between the world’s two main superpowers. The escalation of affairs regarding the origins of the deadly virus could very likely lead to a second Cold War if left unchecked – which thus far has been the prevailing assertion.
Information for this briefing was found via Business Insider and Anadolu Agency. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.