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It's not just America. The CCP specifically knew what American shareholders wanted and provided a cheap source of labor for foreign businesses. By depressing the Yuan the government kept prices for services low when compared to any domestic company. It was a plot started by ruthless executives looking to sacrifice anything for lower operating costs but it was recognized and abused when the Chinese government saw how to exploit it.
And then CCP announced "Made in China 2025" a few years back and suddenly everyone realized they have been played like an absolute fool.
What's wrong with it?
China will have a monopoly on manufacturing, and they may use it as an advantage on international politics.
Many countries are forced to do that, because if they don't, they would be the one being exploited.
I'm an Indonesian, and this thing with nickel export ban makes me upset a bit.
Everyone is doing anything to gain advantage on international politics/ economy.. when the western block are the ones on the receiving end, they don't think it's good. The exploitative acts have been occurring since the colonial times.
I'm all for cooperation for all countries. I'm all for free movements, free trade for whole world. I'm even against nationalism and I don't think it as a virtue. I really think that people should live as one and I really think geopolitics are bullshit. I think the formation of the European Union is a move in a right direction, but why define it to Europe? Why not for the whole world? In this all of us have to work together. The reason why it's going in this way, is because what has happened before.
They also secured a stranglehold over the global rare earth element market. Whoops.