http://www.atimes.com/writer/david-p-goldman/
The United States starts a tariff war with China. Japan and Germany jump at the chance to gain market share in China’s booming auto industry and boost their capacity in China, the world’s fastest-growing passenger car market.
The United States imposes sanctions on Turkey. Germany announces that it will offer economic aid to Turkey, Qatar pledges $15 billion in new investment and a $3 billion foreign exchange swap line, and Chinese banks provide billions of dollars in new loans to the cash-strapped Turks. Chinese commentators declare that crisis is a great opportunity to integrate Turkey into China’s “One Belt, One Road” strategy.
US President Donald Trump chides German Chancellor Angela Merkel for buying Russian natural gas through the Nord Stream II pipeline. Merkel summits with Russian President Vladimir Putin and confirms the pipeline arrangement, and also strikes a deal to aid the reconstruction of Syria in cooperation with Russia.
The United States imposes economic sanctions on Iran, and Western insurance companies stop insuring Iranian oil cargoes. China responds by accepting Iranian insurance on oil imports, increasing oil imports from Iran, and shipping the oil in Iranian tankers, Reuters reported August 20. India was offered Iranian insurance on oil shipments as well, but Indian refiners reportedly will reject the offer. Western insurance companies have told them that if they import Iranian oil, they will cancel insurance on refinery operations.
And German Foreign Minister Heiko Maas proposes a new international payments system independent of the dollar sphere, a new interbank transfer system, and a European Monetary Fund, to “protect European businesses from [American] sanctions. He also proposed a digital tax on American Internet firms. Writing in the German daily Handelsblatt on August 21, Maas declared, “We will not let the United States go over our heads.” No representative of a major Western European government has suggested anything remotely like this in public before.