Asia Society's Rudd Says China Has Mechanisms to Retaliate on U.S. Tariffs

Mar.01 -- Asia Society Policy Institute President and Former Australian Prime Minister Kevin Rudd weighs in on President Trump's proposed steel and aluminum tariffs, and talks about trade. Rudd speaks on "Bloomberg Daybreak: Australia."

[@riva2003]

China is not even in the top 10 in term of exporting steel and aluminum to U.S.. The No.1 exporter is Canada then comes Brazil and so on, China is at No.11, 2% of total, hardly relevant. This tariff hype towards China on media is just unbelievably stupid.

[@schaefferjohn9512]

riva2003 USA ( Just not Even 5 % ....of the World Population ). TARIFFS. SANCTIONS.......OTHERS...!!!!?? RESPONSE BOYCOTT ....AMERICAN CARS.....I PHONE.. APPLE,,, WELL .....ALL WHAT SOUNDS AMERICAN... THAT IS YOUR SANCTION...,( tariffs...)... Right.... And Bye THE HIN INTERNATIONAL ARTIST GROUP GREETINGS FROM SUNNY BUDDHIST THAILAND. 🌴🌴🌴☀☀☀😎😎😎☀☀☀🌴🌴🌴

[@TrevsTravelTales]

No no no. China exports 40% of us steel imports. most through secondary countries, some without their own steelworks.

[@dm8411]

China is the worlds largest exporter of steel. China exports most of its steel to SOUTH KOREA. SOUTH KOREA exports a lot of steel to the US (3rd largest) The importing and exporting of steel is complex with lots of dumping in other countries and work around of tariff through other countries. To explain how strange it is, CANADA export most of its flat steel products to the US. CANADA also imports most of its flat steel product from the US.

[@willievanhetkerkhof286]

China exports less than 1% of gdp in steel. Its nothing.

[@deadby15]

Chinese will question why on earth they were singled out. They’re already into conspiracy theories, so this could create distrust that could have serious consequences. It is very unwise to tread on a tiger’s tail.

[@muhammeddeen7563]

Rudd is the best prime minister Australia ever had.

[@RayRay2118592]

Proud you were our prime minister! I will vote for you if you come back!!!!

[@CZac2k12]

Dear World, in response to the US Steel and Aluminum tarrifs, we should tariff the supply of Lumber, Potash, Petroleum, and Natural Gas against America...sincerely Canada ;)

[@tomdobyns2062]

Good idea ! Just do it !

[@abbeymclaren6778]

Love U xpm. Get us going forward

[@JustKantGetEnough]

God Bless Rudd

[@quay007]

Was this interview held when Kevin Rudd was prime minister of Australia ? Otherwise it was quite funny to address him as prime minister

[@caimacd]

I always liked Rudd ay. Well... to the extent politicians are likeable. He's very cluey on Asian policy.

[@robspunk]

Yeah, he's far wiser than 90% of the rest and can't be beaten on foreign diplomacy. Australia could really use him on the future impending doom of China's economy. We've already started to feel it.

[@wcw23085]

wow~ 5:18 hes just holding that fly like a boss

[@evanroberts2771]

The retaliation? The petro yuan.

[@bill4691]

The man speaks intelligently and effectively. I miss that kind of civil intelligence here in North America.

[@AnjuABCDE]

His Mandarin pronunciation is better than Turnbull's

[@donkeykong516]

It’s not possible for US to be good at doing anything if we can print money at will.

[@AlqGo]

huh?

[@guanda76]

Reminiscent of Rudd leadership of Australia. A wiser man with a much more global perspective than Turnbull.

[@yambaomateo8703]

its a dosages of its own medice.remember PRES.NIXON.

[@ken3700]

the chineese leader is awesome.. he will do what is best for China and America.. we are Global Trading friends.. regardless of the mouths of the squawk boxes in fake news.. all will work out.. America needs China and China Absolutely needs America..

[@evanroberts2771]

Why does China need America? The only thing China gets is US debt. A debt the US has NO intention of paying.

[@torchmanx]

Evan Roberts US is China's #1 trade partner...

[@jamesnagel8139]

China is robbing us! What don't people understand about that. Let someone take money out of your bank account cause that's what China is doing to America...

[@AndrewManook]

China doesn't need America...

[@dontbetonit813]

Ken China really doesn't need the USA you should maybe watch news from world instead of American sources and you would realize the increased trade China is doing in Asia, Europe and the rest of the America's. 95% of the worlds population does not live in the USA. China survived for thousands of years without the US and will go on with or without trade with the USA.

[@ZKZ123]

The U.S. did herself in when she elected Trump as president. Blame no one.

[@desinetizen]

I don't know why China need to tariff to USA, can you tell me please

[@jasons6460]

The hostess from Sydney got American accent, while Kevin Rudd from New York displays Australian English. Our globe is more and more like a village than ever. People and commodities move around on a free basis. Any plan to reverse the trend will turn out to be a failure.

[@leanneblake4248]

This Guy was Former Pm Kevin Rudd, is a expert in both Chinese dialect . A bonus . And as Pm in 2008 , GFC, Australia never fell in a depression. And for Trump , in America if those Companies want to basically pay low wages than Decent Wages in American. Citizens . You cannot tell your companies like WalMart - known as K-mart in Australia wear to get there goods.

[@maximme]

Australia great loss to have removed Kevin....sigh....

[@juniornutshell]

Since when does an former Prime minister retain his title?

[@jagdpanther2224]

I like TRUMP! He is wrecking his own country! Well done, Donald, keep that madness going, hahhahahhah Tariffs!!!!

[@mustaffabeenie9917]

Pres T is Rocking The Planet!!! Either folk gonna be Fair or regret it! Pres T don't mess around!

[@s._3560]

The Aussies will be very happy if Chinese impose tariffs on American beef into China!! They can benefit from one less competitor for China’s huge middle class growing appetite for beef. Also internally, Xinjiang can develop their cattle herds to supply other provinces with their own homegrown beef.

[@kiwiforever3604]

Australia has far better beef quality than USA. New Zealand can benefit also from the tarrifs on beed exports.

[@jonaszhao9134]

Always love an Australian steak!

[@roscellevisita2011]

So you get a tax break of $1.50 that will now go to paying for your fattening soda?

[@TPerm-hj4sf]

The most effective counter measure is to severely punish Trump organisation assets first.

[@derenbong6060]

if they fought a trade war that results to $0 trade between 2 countries, who stands to lose more in the end? the one with the more trade surplus! 😎

[@negrefloricel]

Rudd was the best .Australian leader.

[@maballesaiken8611]

Who are you comparing him too ? Gillard ? Rudd turned Australia into China, he's a commie and Trump would put a big boot in his red commie ass

[@negrefloricel]

Dorian Shades of gray the good stuff.

[@MrRasZee]

john howard was way better leader, rudd is a know all dipstick, cant stand his fake smiling

[@Artman1]

HrRasZe The lying rodent. lol

[@MrRasZee]

yarwun, john howard left his term with australia in surplus, theres a good man right there, his promises kept and then some

[@unipeace6198]

Greed, the root cause for the sufferings of the poor Americans. America should never have allowed "Free Trade". In a "Free Trade" economy, only those that own the license and the power profits from the demise of the local industry, society and wealth.

[@Zhaturianvisionz]

Really. Americas poor is better off than probably most of the other countries poor so i do t get it

[@yehiaamr5965]

So USA airplanes and autos will be more expensive, this makes Asia and Europe more competitive. Result is USA losing jobs. Obama told Trump to think through his actions and this just one example of what happens when you do not think it through.

[@TheGQBrotha]

Year 2017: US import from China: $506 B, US export to China: $130 B That speaks for itself. China has every reason to love the current status quo of course and doesn't want anything to change.

[@thatdutchguy2882]

China was already winding down its steel and aluminium production facilities near city's and places of environmental concern for both the sheer overproduction and environmental impact reduction policies within China. (and in regards to the Paris climate agreement) The quality of the steel and aluminium being produced within China especially earmarked for the Chinese market itself (so, not the export products) was already suffering quality issues across the board, in some cases severe quality issues because of the overproduction of steel and aluminium production within China for the internal market. Many steel and aluminium producing companies started to cut corners in quality and quality control because of the enormous competition habitually undercutting one another in prices and trying to adhere to Chinese clients impossible delivery dates demands of the products. These companies were wholly or partially owned or subsidised by the local Government or the Chinese state, this Xi Jingping has publicly stated, he's going to change. Before Mr Trump's protectionist shenanigans even started the Chinese Communist Government under Xi Jingping's direction was already clamping down on a huge part of these companies with quality and environmental issues, cutting the Governmental funds and closing them down. This took out a sizeable part of these "failing" companies and isn't done yet, it is a still unfolding process in China as we speak,....it has nothing to do with Trump's sudden but predictable kneejerk protectionist tendencies, it can only speed up that process in China slightly, might even give Xi Jingping some political fallout cover as an unintended side effect. (It's Trump's fault, not mine;) But Xi Jingping has shown to be a master of looking to the future (and maybe in regards to Trump in perticular) because these steel workers that have lost their employment are by enlarge retrained and working for green energy companies on mass,....it's a tandem policy almost. (I for one would like to know who reads his tealeaves;) But China still needs more high quality steel and aluminium,...now Xi Jingping wants less of these companies but he does want to end up with the good Chinese steel and aluminium producing companies remaining in business, only they can't produce enough to supply the Chinese internal market, i won't be suprised that China wil in the near future start to import these products from high quality steel and aluminium producing companies, but, only from non American or American owned one's. (maybe instant Karma, who knows;) There's a real possibility that countries finding themselves on the wrong side of Trump's ridiculous US market protectionism like Brazil, Canada, Mexico, EU countries, etc, etc will turn to the Chinese with their products, leaving the USA out in cold and Chinese into more power projection (especially "soft power") across the globe, Trump is playing straight into Xi Jingping's hand. Give Trump enough rope,.....; ).

[@ryanyan3159]

What’s the point of bringing jobs back that are already lost? America has been enjoying lower overall price level due to outsourcing all those low-end jobs. If the US starts a tariff war against all other countries in the world, you can darn sure the US would lose and what’s gone is gone!America should put its resources in preparing people for new jobs and educating people to create new jobs, so that America can always have a edge over other countries. But Trump is too short-sighted to realize that.

[@dadsonworldwide3238]

Trading low level textiles for high paying metal jobs no Brainer. Metal is a national security resource and America has run at 20% of its existing modernized metal industry for ovr 38 years. Time for adjustments and we will share it back out after strengthening our industry of metals.

[@AusCzaRael]

A Proverb To Help Manifest Underlining lol Activity: *Confuscious Say; The Easiest Way to Confuse an Australian Is To Simply "TELL THEM" the Truth!!! huh... Your Mother My Money Here Wonder Their Mongeror etc...

[@dnehs1054]

The usual distortion: oh, American consumer. The "consumer" is just a part of the economic/financial equation, the other is the "earner". Consuming is just a function of earning: no or inadequate earning, no or little consuming. The key factor here is the factual ability to consume, consuming power. And consuming power has been declining in the US for the past 25 years. So something is deeply wrong with current economic/financial/trade policies.

[@philipcrouch]

I'm not sure for how long the balancing act Rudd speaks of will be practicable. The more developed our trading relationship with China, the more it will hurt us if we have to extract ourselves from it if geopolitical conflicts heat up. We'd also be wise to protect our steel and manufacturing industries to the extent that they serve our national defence. Having let our auto-industry die off was a mistake, and we should be very careful not to let cheap Chinese steel threaten our security by allowing our previously world class steel industry to become fatally compromised.

[@huntarama9375]

Ha Ha australia under rud ignored rulings by the WTO

[@lunafringe10]

I knew people from Arabia to Asia to Europe. I know how they tick.

[@haoruchen4216]

Rudd is a literati....therefore odd and minority in the west. pity.

[@orthopraxis235]

This guy, with all due respect to him as a former prime minister, the guided questions of the reporter, blah blah blah. This guy is heavily invested in the status quo with china. The reporters schtick is that the tariffs are "dangerous." China needs us, we hold all the high cards, 88% of chinas revenue in trade is from the US, and thats much more important than the points Mr. Rudd makes.

[@Walawala459]

It all reduced to one thing, can you put your faith on an idiot who started all these and hurt all the innocence bystanders!?

[@dwardt1]

No one is discussing the fact that, in the past, tariffs were viewed as internal taxes more than international trade. The question is whether Trump has readopted this view.

[@eatthis6777]

China produces quality cheap products which our company has been using for many years. It is unscrupulous traders haggling for cheaper pricing without quantity that are taught a lesson. We learned that they will not waste time haggling on small orders according to their standard which are to be seen to believe. If a few container loads are considered quantity then you will be in a shock. Some arming with such minuscule orders insist on 20 - 30% discount thinking they got the upper hand will be receiving reject stuff or B and C grade then later claiming that Chinese cheat. We learned the hard way also, so if you pay already cheap grade A price, you receive grade A stock. That SIMPLE. They will not waste time negotiate or snub smart Alex minute customers trying their luck on them. Half their price, they will send all right sided shoes, if shoes we are talking, what humor. I would not brand them cheats, it's just never easy to take advantage on them. On the contrary when we are sincere they offered discounts and free samples voluntarily. We are like no holds barred buddies now.

[@roberthawken4041]

WE WANT MORE RUDD MONEY

[@fazole]

The trend was going toward supranational bodies which made decided trade policy based on multilateral agreements which supersede any nations sovereignty. Trump is nixing that in favor of unilateral trade which returns sovereignty to trade decisions. Australia is very dependent on the Chinese to buy their raw materials. They have a strong interest in promoting Chinese economic growth.

[@Owleyes2019]

Trump : “What have I got myself into this time”

[@AusCzaRael]

This Exploitation of U.S.A Rhetoric Is of a "Factorial Sense of Perpetration" Both Fiscal Elements of Robust Intelligence... Or In a Mild Mannered Formula of Expressing Whilst Depositional In Thinking so "Galvinizing".

[@0069yj]

Cant Australia export steel direct to the US rather than through china.

[@shanosummesteros9563]

It's not difficult to unravel at all - the source of the problem are large multi national corporations. All multi national corporations should either be disbanded and re-organised as single businesses on national levels, or should have to barter for a specific term of trade with each nation. Corporations should never be bigger than nations. Davos - the idea of business heads getting together to discus the future of nations - is evil. The future of nations should be decided by the people of those nations, not global corporations.

[@lunafringe10]

Mr Rudd, repent, turn back now, while you still have time

[@rathmam]

Good luck the American employees and bad luck for the consumers to pay the higher price on the products.

[@naper806]

A loser always blames others will remain a loser forever.

[@IVANHOECHAPUT]

This guy mentions refrigerators exported to China. I've been to China, done business there since 1981 and made so many trips to Asia I needed extra pages inserted into my passport and NEVER, and I mean NEVER saw an American refrigerator. In fact, most products in typical households are domestic products made either in Korea, Japan or China respectively. China has its own steel mills for their products and for product exports. American exports into China is anemic at best. On the other hand, go to any mall and the "Made In China" label is widespread. President Trump is a businessman, not a politician and doesn't view trade from the tit-for-tat, or the "make your enemy feel good and he'll reciprocate" nonsense. I love the Far East, their culture and the regular people, but like my Chinese wife has always said when I do business deals there, "Don't trust those people". Bless her heart, best wife and best friend!

[@MissionFreiheit]

ivanhoe chaput I'm curious: why do u consider a business partner an 'enemy'? Why is your chinese wife having such general mistrust towards her own people?

[@IVANHOECHAPUT]

Mario Super - No, she doesn't consider them the "enemy". After all, she's Chinese and blood is thicker than water, but when it comes to business, she has a bit of distrust. You need to understand that China has been a country with thousands of years of scarcity of goods. You would also need to understand Chinese culture a bit to appreciate her saying what she did. What the Chinese say is, "Chinese eat Chinese". What's meant by that is that personal gain generally takes precedence over feelings of another. For example, in America, Chinese restaurant owners will hire Chinese at a low labor rate because they don't yet speak English. The owners will deliberately continue speaking with them in Chinese so they don't learn English too quickly, quit and get a higher paying job some "lawai" (foreign devil). That doesn't mean that Chinese don't display compassion, they do, however, in business, generally they will take an unfair advantage if they can. In their culture, that's just the way it is. I could go into stories where shirts were lost, but I don't want to write a small book here. This is not so say that all Chinese or all Asians will do this either, but it's a pretty good idea to be a bit more careful dealing with Asians in general. If I could choose what race of people I prefer doing business with, it would be the Scandinavians. With the tricks I've learned in Asia, I believe that it wouldn't be difficult to snooker them. However, it's not within my personal constitution to do this. To top that off, I've had more fun in Asia than any other country I've been to. And I've been to a LOT of countries. Asian friendships are very close ones.

[@aznknight22]

Ivanhoe I don't care how many insert you have on your passport. You and your Chinese's attitude toward doing business it's every business partner's worst nightmare. You know how you can stop all those untrustworthy Chinese businessmen? Stop doing business there! Sure, Chinese home don't usually have American appliances. The main reasons is that what the hell American home appliance are there? Japanese and Korea home appliances are much more suited for Chinese homes do to similar living space per person. You you made anything good. We buy them. Take GM, Apple, Boeing, Microsoft, Intel, soybean, corn, Education and so on. You're just a fucking dog that bits the hand that feed you. Same compliment to your wife.

[@IVANHOECHAPUT]

You surely have a bad attitude! Inserts in my passport only indicates that I know a bit about Asia from having been there many times. I love China and the Chinese people. However, the "nightmare" goes both ways my friend. I will state only one of many negative examples with doing business with a Chinese factory. We were working with one Chinese factory on a US and PCT patented product and under a non-disclosure agreement while that same factory was selling our product all over Europe. We lost millions of dollars of revenue and no Chinese lawyer would take our case. The irony of this deal was that during our initial meeting this Chinese business owner stated that, "We need to be honest with each other"! You inadvertently reiterated my point about home appliances. The person being interviewed in the video is the one that brought this up and my point was that I disagree with HIM. Asian countries actually don't buy "washing machines" as he stated. If you can't comprehend the message clearly from my post, then you don't possess the intellect on how to interpret English phraseology. I still do business in China and will continue to do so. I'm not the "fucking dog" that was biting the hand feeding me. We sent literally millions to China, so who was biting who's hand? The ratio of having a bad experience in doing business with Chinese and American companies I would estimate is 2:1. That's just my experience having been in business 38 years and having completed over 1,000 projects that went to both American and Chinese manufacturers. You don't need to provide me with your business acumen as I can read between the lines here. I will not stop doing business with China either. I have had many good experiences but can also add real examples of many bad ones if you want me to insert them here for public viewing. However, that would be a disservice to the Chinese. But if you wish, I will illustrate further examples in contrast to your preconceived notions. As for the compliment to my wife, this only makes a fool out of you for being so recalcitrant after misinterpreting clear words in my post. I recommend you read my book, "Why People Fight" and apply that knowledge to your combative behavior.

[@mustafagenius2110]

Mario Super his lying😕😟

[@forwhatitsworth5027]

Its true what a man below just said and l quote him. President Trump is a businessman, not a politician and doesn't view trade from the tit-for-tat, or the "make your enemy feel good and he'll reciprocate" nonsense.

[@dantheman5222]

once i wanted to buy a u/s made product i found the same product online in the u/s for 500 dollars the same item in Australia was 1000 dollars, then we wonder why our country is so full of cheap chinse made junk!, seems if someone in my country is profiting from the better-made product or we are being financial pushed into having to buy the cheap landfill junk china

[@zel3888]

I like Rudd and admire his technical knowledge of China etc .... but he can come off as a smug self-satisfied toff sometimes. No wonder he lost in 2013

[@johncatt42]

Zel That means Trump would come of as a smug self-satisfied thug..??

[@yuhuitong7717]

The hostess is Gorgeous !!!

[@TPerm-hj4sf]

Sam Tong too fat.

[@hujiaming6151]

Bullshit, only you white men have such feeling.

[@user-zd3vf5cp8z]

Hu Jiaming 不仅仅他觉得好看，我也觉得好看。

[@parisyoung2042]

i like her too

[@user-kh1lx5yw5d]

She’s fat and plastic. C’mon man.

[@alanzan1202]

The Milky Bar Kid 🤣😂🤣😂🤣😂 sorry guys it’s an Aussie Joke and so is he 🇦🇺👎

[@stephenmonash8245]

It is fair to say China has had its own way for too long.. Everything you can imagine is made there.. because it has poor minimum wages for its people. Greedy businessmen go there.. get cheap labor and then sell it back to Aust the US and other developed nations at a huge mark up up to 400 percent. Then there is little or no jobs for people at home. The quality of goods is also poor.

[@geoffdein2894]

Yea that’s cute Rudd, you speak Chinese. Unfortunately that does not install grey matter upstairs. You failed

[@ken3700]

PATH............. LET TRUMP DO WHAT HE IS DOING AND MAKE OTHER COUNTRIES LICK THEIR WOUNDS FIGURE IT OUT AND LEARN TO FAIR TRADE.. PERIOD......... PERIOD

[@hipsonsogbo]

free tibet, china has terrible human rights record, free xinjiang, free wukan

[@danielzuniga955]

Trump's wrath aggainst Mexico trigered the support of the whole world to Mexico, China being one of them. But then again, Trump has no problem sayiing: 'I didn't mean it'.

[@alanzan1202]

She called him Prime minister 🤣😂🤣😂🇦🇺he was a joke and we don’t call X prime ministers Prime minister 🤣😂🤣😂🤣in Australia

[@lesliegrayson1722]

I think its pathetic that Poor countries like China or India [who have Mega wealthy at one end and over 1 billion Extremely poor earning less US$200 a month] are allowed to spend anything other than 1% of their GDP on defence.

[@lesliegrayson1722]

poor countries trying to keep up with the jone's

[@maximme]

she called him " Prime Minister Rudd "....on 1 Mar 2018 !

[@amraceway]

Prime Minister? Ex Prime Minister.

[@willievanhetkerkhof286]

Ex child!

[@AlqGo]

It's just a convention or a norm to call previous leaders by their previous titles. You still call Obama, president Obama.

[@amraceway]

Not in Australia Bucko!

[@AlqGo]

It's a norm that those in the news business use you dimwitted ocker.

[@amraceway]

Thanks for the compliment!

[@taiwanSmart]

這傢伙肯定被藍金黃了、哈！

[@dannydunk8392]

澳大利亚人民站起来了！！

[@robertchouman2167]

why are they calling him prime minister? His not our prime minister why is he letting them call him prime minister? very strange

[@willievanhetkerkhof286]

He sounds and looks like a chinese robot.

[@NiniBonita]

L0L

[@tcyin1]

Ask the question: China, what should you do to be fair all these decades?

[@simonss9191]

This chick is hot

[@trenttrent9436]

America first!

[@yu-eg7od]

America can be first when others stay away

[@tonywebster8582]

she sure is. If kevin rudd dresses in his elmer fudd costume he'll be treated more seriously.

[@growingcherubs6471]

If usa has a deficit surely they have more to gain by making change?

[@growingcherubs6471]

rudd is fat

[@hellow-123]

Trump is Dumpt

[@robdewey317]

Lol, Rudd was a dud in Australia and a year later turns out he's clueless

[@artamerican]

Chinese needs boeing and corn as necessity, where else to purchase these items without the supply from the US ? Nowhere ! Chinese have no chips to take revenge on US !

[@DipakBose-bq1vv]

Kevin Rudd is a slave of China. Under him, Australia became a colony of China. What Trump is trying to do is good for the workers in the USA. I hope Modi will follow given the fact India has a trade deficit of more than $50 billion with China and at least 50 percent of the Indian manufacturing employment was destroyed by China already.

[@kevinhayes7830]

We have a mechanisam to stop bying chinnese goods if they don't play fair

[@jonss1948]

Kevin Rudd: The only person who is always wrong. An oxygen thief.

[@charltonsingleton1060]

President Trump great job..

[@dragondescendant1]

trump is going to make the world laugh again.

[@yuanlaixianzai3243]

I like this drama performed by your president

[@dragondescendant1]

Kimi when you have a clown for president, you get a circus.

[@drsoxami]

Krudd always the apologist for China and an expert on nothing.

[@0069yj]

Rudd was bought...

[@lesliegrayson1722]

China has US$34trillion in DEBT they cant afford to do anything or lose their existing trade which they rely on every day. The US has over half the world economy... the Chinese economy is 11th?? or 14th?? maybe?? but it low. India has a much better economy and will be boosting the UK and its self into the 2030's.

[@fooksengloke3625]

Leslie Grayson Where did you get the Chinese debt from?

[@fooksengloke3625]

Leslie Grayson Hello, China is 11th? And India has a much better economy?

[@lesliegrayson1722]

It came from several Doco's. Look up "IMF worried about China" on KZbin as well.. I then thought to myself after realising that India and China were having an EXPENSIVE Cold war that these debts arent so bad if they had an income like the US....... BUT they DONT!! they are about to cause another Global recession if not a large war...