White House Warns of Cost of Socialism | China in Focus

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What is the cost of socialism? The White House puts the price tag at $400,000 per family over the next decade. As Democratic Socialists of America candidates gain visibility in the midterm elections, the administration is urging Americans to consider what it calls the inevitable consequences of socialist policies.

President Donald Trump says he’s discussing denuclearization with the leaders of China and Russia. He also says China’s nuclear arsenal could catch up with that of the United States in five to six years.

Beijing is tightening its grip on strategic technologies. China is proposing new export controls on 40 advanced technologies, including artificial intelligence, biomedicine, and solar power.

Meanwhile, the head of the International Monetary Fund is urging China to boost domestic spending, as its record trade surplus fuels growing concerns about global economic imbalances.

And Treasury Secretary Scott Bessent is welcoming the World Bank’s plan to phase out lending to China and Poland.

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