America's trade policy can be described as chaotic beyond measure, leaving the entire world at a loss.
First, there are the visible changes. The US not only changes its so-called "reciprocal tariffs" abruptly but also rapidly shifts tariffs on China. Within two weeks, tariffs on Chinese goods went from an initial 20% to 54%, then to 104%, 125%, and finally to 145% - rates changing on a whim. Meanwhile, the various "reciprocal tariffs" on different countries around the world was suddenly suspended for 90 days, but a 10% "baseline tariff" is imposed.
The latest chapter in these rapid changes came on April 13, when US Customs announced new guidelines exempting a large batch of products from "reciprocal tariffs," including smartphones, desktop computers, laptops, semiconductors, and solar cells. Since a significant portion of these products are manufactured in China, not exempting them would have meant paying extremely high US tariffs of 145%. These exemptions, estimated to cover more than 30% of China's exports to the US, have enormous impact.
While these are officially announced tariff changes by US Customs, interpretations of these changes have been wildly varied, creating extreme confusion. Taking the electronic product exemptions as an example, it's unclear whether Chinese products are completely exempt from the 145% tariff, or if they still retain the initial 20% tariff supposedly imposed due to China exporting fentanyl precursors to the US.
Naturally, the most authoritative person to interpret US policy is President Trump himself. However, when reporters asked him on Air Force One about the impact of exempting electronic products from tariffs on China, he was evasive, saying details would be announced Monday night.
Later, Trump refuted claims on his own social media platform, stating there were no tariff "exception," only "moving to a different Tariff ‘bucket’”, but Chinese products would still be subject to the 20% "Fentanyl Tariff." Trump criticized this as fake news, specifically naming China as unable to escape.
Trump is playing word games, not acknowledging "exceptions" but only "a different bucket". The so-called transfer means new industry-specific taxes will handle tariffs on specific products. However, for these "exceptions", the only industry-specific tax heard of so far is a chip tax, estimated at 25%. No industry-specific taxes have been mentioned for other products like phones and computers. The talk of "moving to a different Tariff ‘bucket’" appears to be merely an excuse to avoid admitting concessions.
The Trump administration not only changes announced policies at will but also leaves policy interpretations ambiguous and inconsistent. When a major power implements such important policies with such significant interpretational discrepancies, it reflects both incomplete thinking when launching the policies and the hasty implementation of policies with far-reaching effects. When unforeseen side effects emerge, the response is a mixture of distortion, withdrawal, reversal, and stubborn insistence, resulting in massive chaos.
Some say the above analysis is too conventional. Looking at the market chaos created by Trump's policy fluctuations, stocks and various assets including cryptocurrencies have been tossed up and down due to Trump's policies and their variable interpretations – suddenly plummeting, then rebounding, then plunging again after clarifications. These fluctuations create enormous profit opportunities for those with inside information.
Shockingly, Trump makes no effort to hide that his associates are making huge profits from these transactions. He even pointed to a friend at the White House, saying he made $2.5 billion from trading during these fluctuations. Media reports also claim Trump made $1 billion through his cryptocurrency.
Some suggest Trump and his advisors might profit from stock trading. Its noted that while stock markets are regulated, the cryptocurrency market is completely unregulated. As a risky speculative product, recent cryptocurrency fluctuations have basically synchronized with US tech stocks. Those who understand the rhythm of Trump's tariff policy implementations or withdrawals could make enormous profits in the cryptocurrency market, which are difficult to trace.
Certain things that seem extremely implausible to us could be palpably explained when massive interests are hidden behind them.
Wing-hung Lo
Bastille Commentary
** The blog article is the sole responsibility of the author and does not represent the position of our company. **
“He preaches water and drinks wine.” This Western proverb could not be more apt in describing those “honorable” members of the US Congress sitting atop Capitol Hill.
The US Senate and House just greenlit the National Defense Authorization Act for Fiscal Year 2026. Sure, it hikes defense spending. Buried in there are special provisions targeting China that would make any objective observer squirm.
The law mandates that the US Director of National Intelligence publish a public report disclosing the global financial status of Xi Jinping and other top Chinese leaders – plus their relatives. We're talking about all Politburo and Standing Committee members, their family members, including the so-called "white gloves" – financial agents managing assets on their behalf.
It’s specified that the report must be unclassified, available online for anyone with an internet connection to read. A similar clause appeared in the 2023 NDAA but got dismissed as superficial. However, this version is detailed, explicit, and loaded with congressional pressure to expose what the US lawmakers claim is hidden Chinese wealth.
Capitol Hill's Shameless Overreach
Watching these American legislators operate is infuriating. They slip targeted clauses against Chinese leaders into a domestic bill, essentially broadcasting to the world that China's leadership sits on vast private fortunes – corruption implied. Since the law requires public release, this isn't about genuine investigation. It's propaganda, pure and simple.
First question: what right does the US have to do this? If Congress passes a bill investigating American citizens' assets, nobody can object. But investigating foreign leaders' finances? That's a different story entirely.
Another country's leadership finances should be handled by that country's own institutions – not Washington's long arm. This arrogance stems from "American Exceptionalism," a concept that still drives US foreign policy today.
The term "American Exceptionalism" was coined back in 1831 by Alexis de Tocqueville. It expresses the notion that America is unique – founded on liberty, individualism, equality before the law, and laissez-faire capitalism. Through this lens, America stands stable, prosperous, and incomparable to any other nation – an ideal constitutional republic.
When Kitchens Became Battlegrounds
From this belief emerged a foreign policy where the US sees itself as a chosen nation entitled to impose its "perfect" system on others – even launching color revolutions to topple governments and force them to replicate American democracy. During the Cold War, Americans framed this ideological struggle as "freedom and democracy" versus "Communist tyranny." The famous "Kitchen Debate" perfectly captured this mindset.
In July 1959, at the American National Exhibition opening in Moscow, 46-year-old Vice President Richard Nixon sparred with 65-year-old Soviet First Secretary Nikita Khrushchev inside a model American kitchen on display. The exhibit showcased washing machines, refrigerators, and household appliances as symbols of capitalist prosperity.
Before the cameras, Khrushchev remarked that Soviets cared only for practicality, not luxury. Nixon shot back that under capitalism, Americans enjoyed the freedom to choose how they lived – to buy or not to buy. Most observers concluded Nixon won that round, largely because America's material abundance stood in stark contrast to Soviet austerity.
But today? Time has turned the tables. If Donald Trump visited China and rode a high-speed train, we might witness a new "High-Speed Rail Debate" – one where US capitalism would find itself at a distinct disadvantage.
Yet American politicians still cling to "American Exceptionalism," believing they hold the right to meddle everywhere. Now that America's strength has waned – its system corroded, its manufacturing hollowed out, its infrastructure decayed, its streets filled with drug-addled zombies – US lawmakers' persistence in policing the world reeks of dark comedy.
America's Fading Exceptionalism
Second question: what moral ground does the US stand on? Washington claims to expose corruption by investigating Chinese leaders' wealth, yet it ignores rampant corruption among its own politicians.
Take Trump. During his campaign, he enthusiastically championed cryptocurrency, promising to promote the sector once elected. Then, on the eve of taking office, he launched his own meme coin – "$Trump." By Chinese Mainland standards, that's textbook corruption: promoting a policy and, before assuming power, issuing a financial product that would benefit from that same policy. It's retail investor fleecing, plain and simple.
Here's the damage: $Trump launched before Trump's inauguration and peaked at USD 49.26. As of December 19? It's plunged to USD 5.07 – a brutal 90% collapse. Retail investors got ruthlessly fleeced, yet no one dares speak up.
The Stock Goddess Retires
Then there's Nancy Pelosi, former House Speaker – the real "Goddess of Stocks," outperforming even Warren Buffett. In 2023, Pelosi's family achieved an 84.3% investment return, crushing Buffett's numbers. Their fortune ballooned from USD 41 million in 2004 to USD 120 million in 2023, with some holdings soaring 96% in just a few years.
Market observers almost universally believe Pelosi trades on insider information – how else could anyone consistently outperform world-class fund managers? Her trades became so influential that investors created tracking tools and even an ETF fund mirroring her stock picks.
Pelosi denies any wrongdoing and dismisses accusations that lawmakers profit from nonpublic information. But she can't explain her uncanny market timing – a godlike ability that defies rational explanation.
Even some American progressives find this intolerable. Alexandria Ocasio-Cortez (AOC) proposed multiple bills to ban congressional stock trading. But as a minority voice, her proposals failed. No one can stop Capitol Hill's "Stock Goddess." Now that Pelosi announced plans to retire in 2027, investors mourn as if the market lost a guiding star – with no more Pelosi trades to follow for profit.
In the end, this is what "American democracy" has become – a system that openly permits abuse of power. Yet these very same legislators have the audacity to pass laws investigating the wealth of Chinese leaders. They preach water but drink wine – a hypocrisy so absurd it chills the spine.
Lo Wing-hung
