The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
On June 12, all eyes were on U.S. President Donald Trump and North Korean leader Kim Jung Un, in the first ever meeting between the heads of states of the two countries. Although pundits debate whether it was North Korea or the United States that benefited the most from the summit, there was a less visible player that came out a clear winner: China.
China’s North Korea policy is primarily motivated by the desire to counter U.S. power in the region and increase Chinese influence on the Korean Peninsula. Along those lines, Beijing had two main objectives that came to fruition in Singapore.
Its first goal was reciprocal de-escalation on the peninsula. In September, the United States had rejected this “freeze for freeze” formula—that the United States would cease military exercises on the peninsula and in exchange North Korea would stop all nuclear-program-related tests. U.S. ambassador