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US is ripping off rest of the world: China Daily editorial

chinadaily.com.cn | Updated: 2022-11-28 20:48
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A staff member hangs a US national flag before US President Joe Biden arrives for the European Council meeting in Brussels, Belgium, March 24, 2022. [Photo/Xinhua]

Is the United States still our ally? This is a question that not just European Union officials are asking, but also many people in Europe. It is a question that has been prompted by the fact that Washington is making a great fortune out of the troubles European countries are facing.

EU countries trying to reduce their reliance on Russia for energy turned to the US for gas instead, only to find that the price they have to pay is almost four times that in the US.

As a result, the energy costs for industries in EU countries have increased dramatically and the inflation rate has soared. EU countries and their people are paying a high price for the disruption caused by the US-instigated conflict between Russia and Ukraine. European economies are being dragged into recession, with inflation rocketing, and the devastating squeeze on energy supplies threatens blackouts and rationing this winter.

The EU countries are being ripped off by their ally when both sides of the Atlantic are providing both military and civilian aid to Ukraine.

What makes EU officials and European people even more angry is the fact that instead of backing down from its selfish acts, Washington has boosted its beggar-thy-neighbor policy by adopting President Joe Biden's Inflation Reduction Act, a huge tax, climate and healthcare package.

Under this act, Washington has announced a $369 billion industrial subsidy scheme to support its green industries, which has raised fears of a transatlantic trade war. Officials in Brussels are reportedly drawing up plans for an emergency war chest of subsidies to save European industries from collapse.

Many EU officials and officials from EU countries have voiced frustration at the way the Biden administration simply ignores the impact of its domestic economic policies on European allies.

EU politicians and the officials of EU countries should be reminded that Washington does not just turn a blind eye to the consequences of its actions on the EU economy and European people's lives; it ignores their impacts on the entire world.

For the world's sole superpower, it is simply a case of the US first and damn the rest.

By taking advantage of its status as the strongest economic and military power, it is extorting the entire world for its own gain. Its economic sanctions, long-arm jurisdiction and beggar-thy-neighbor policies are nothing more than shakedowns.

It is time for countries, including the US' European allies, to join hands and say no to Washington's zero-sum game.

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