I think it’s not only economical but also psychological . Branding still plays a powerful role. Chinese people still buy European luxury goods and iPhones.

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Absolutely. However the branding advantage can vanish very quickly. What doesn't change that quickly are economic realities.

There's only one US phone company, Apple, (that produces in China), and only one pure electric car manufacturer, Tesla. Both are wildly popular in China. In case of a trade war (or a real war), China can easily replace those products with their own alternatives for their domestic market. No western country could do the same.

We drugged them with opium.

Now they drug us with dependency.

what hurts even more is that they don't even think about us