'Countering' China to lead to global depression: report

NEW YORK -- In its pursuit for unipolar primacy, the Joe Biden administration of the United States is risking the economic stability of China, the West, emerging Asia and the futures of the Global South, Eurasia Review has reported.

Since early 2018, "the United States has pursued a deliberate policy of attempting to hurt China's economy in response to concerns about the shifting balance of economic power and unfair trade practices," Reuters market analyst Jack Kemp was quoted as saying in the report dated Aug 31.

As economist Anne O. Krueger saw it, Trump's trade war was "a failure that harmed both China and the US," said the report. "Consequently, many hoped that Biden's victory would come with a bilateral reset. But the reverse happened."

"Building further on Trump's flawed policies, the Biden White House began to weaponize those policies while diversifying risks to US allies," it said.

"This purposeful effort to force American primacy in the 21st century, when it is no longer supported by fundamentals, has potential not only to push the world economy into a stagflationary recession, but into a severe global depression," said the report.