Bessent: Struggling China wants 'to pull everybody else down with them'

> China’s exports surged 8.3% in September, their fastest pace in months, even as shipments to the U.S. fell 27%. So, far from being crippled by tariffs, Beijing appears to be quietly rerouting its economy around them. Europe, Southeast Asia, and the countries across the global south have largely picked up the slack. Exports to the E.U. rose more than 14%, to ASEAN nations nearly 16%, and to Africa an impressive 56% (although Africa still represents a small fraction of China's total exports).

> That math is more or less simple: While direct shipments to the U.S. now make up barely 10% of China’s total exports, trade with the rest of the world is booming. Even just two or three years ago, the U.S. claimed at least a quarter of Chinese exports.

> Why does this matter so much? Washington’s power in a trade war largely comes from its ability to hurt China’s export machine by cutting off access to the vast base of U.S. consumers. But that power only works if the U.S. remains an un-ignorable, indispensable buyer.

> When China can offset a 27% drop in U.S. sales with double-digit growth elsewhere, it shows the U.S. market is no longer as critical to Chinese growth as it once was. That diversification weakens the impact of tariffs, as well as other trade-war weapons like sanctions or boycotts, because China now has alternative buyers and more routes to market. Tariffs may still sting, but they can’t force concessions the way they might have just a few years ago.

"Everybody" isnt part of this equation. In fact, "everybody" is watching these 2 supers be stupid for no particularly good reason.