Famous investor says “A US trade war with China will end US monopoly on global financial system”

If the Trump administration puts sanctions on China, this would hurt America more because it just forces China and Russia and other countries to cooperate, says investor and financial commentator Jim Rogers. US Treasury Secretary Steven Mnuchin warned on Tuesday that the US could impose economic sanctions on China if it does not implement the new sanctions regime against North Korea, saying that the restrictions could involve cutting off Beijing’s access to the US financial system.

“If China doesn’t follow these sanctions, we will put additional sanctions on them and prevent them from accessing the US and international dollar system, and that’s quite meaningful,” Mnuchin said at the Delivering Alpha Conference in New York City.

The UN Security Council unanimously approved a resolution banning North Korea’s textile exports and capping its oil imports following Pyongyang’s sixth nuclear test conducted last week.

Jim Rogers, a famous investor, author, and financial commentator talking about this possibility said

“If they put sanctions on China in a big way, it brings the whole world economy down. And in the end, it hurts America more than it hurts China because it just forces China and Russia and other countries to get closer. Russia and China and other countries are already trying to come up with a new financial system. If America puts sanctions on them, they would have to do it that much faster and in the end America will lose its monopoly on the financial system, which will hurt America more than anybody.”

For more see: https://www.rt.com/op-edge/403553-us-china-north-korea/