A Chinese government official belittled the Biden administration for failing to tame stubbornly high US inflation as US arms companies raked in profits from Russia’s war on Ukraine.
Hua Chunying, China’s deputy foreign minister, mocked US officials in a tweet on Wednesday. His provocation followed part of a back and forth between the two countries as China tries to balance its alliance with Russia with the backlash of its invasion of Ukraine.
“While at the top #WE arms manufacturers bragged about the conflicts in #Ukraine as a business boon, Americans are suffering from rising prices and higher inflation, ”Hua, who serves as the ministry’s spokesperson, said in a Tweet.
Hua’s tweet included a graph showing how America’s inflation rate rose to 7.5% in 2022, the fastest annual increase in the price of consumer goods on record since February 1982.
The high rate of inflation was a looming political responsibility for President Joe Biden who earlier in his presidency said that rising consumer prices would stabilize as the economy emerged from the COVID pandemic. 19. An ABC News / Ipsos poll released earlier this week found that nearly three-quarters of Americans are unhappy with Biden’s handling of inflation as the economy has eclipsed the pandemic as the country’s most pressing issue.
Biden on Wednesday announced an additional $ 800 million in military aid to Ukraine. Last week, Biden signed $ 200 million in military aid to the country in addition to another $ 350 million previously approved.
Lockheed Martin CEO Jim Taiclet said in a January earnings call that “there is renewed great competition for power.”
“And the history of the United States is when those environments evolve that we don’t just stand by,” he said on the call.
Since the beginning of the year, the company’s stock price has risen from about $ 350 per share to $ 466 last week.
Similarly, Raytheon Technologies Corp. saw its share price rise from $ 86 per share to $ 95 per share.
Raytheon CEO Greg Hayes also said in January that escalating tensions have created “opportunities for international sales.”
At the start of the Beijing 2022 Olympic Winter Games, China and Russia issued a joint statement announcing a “limitless” partnership on a range of economic, defense and other issues.
As world public opinion turned to Russia for its invasion of Ukraine, China called for dialogue to end the conflict. But China also did not condemn Russia and continued to support Moscow’s position that Ukraine is not a member of NATO’s Western military alliance.
US officials have expressed concern over reports that Russia has requested military and economic support from China as its invasion of Ukraine remains steadfast and faces crippling sanctions.
“We are communicating directly, privately to Beijing that there will be absolutely no consequences for large-scale sanctions evasion efforts or support for Russia to fill them,” National Security Advisor Jake Sullivan said earlier this week. “We will not allow this to go on and we will allow there to be a lifeline for Russia from these economic sanctions from any country, anywhere in the world.”
Chinese Ambassador to Ukraine Fan Xianrong pledged to help rebuild Ukraine on Monday.
News week contacted the White House for comment.