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While I’m sure it will at least partially fill the vacuum left by the US, it won’t have the “soft power” the US did over the entire Western world.
If the US keeps trying this trade war trick, and they’ll end up realising that China is where stuff is made.
I’m Norwegian and they seem to have a bunch of soft power here by saying “if you do that, we won’t buy your salmon anymore.” Time’ll show, I guess.