Shaun Rein, founder of the China Market Research Group (CMR) in Shanghai and author of five books including The Split: Finding the Opportunities in China’s Economy in the New World Order (2024), wrote a letter to U.S. Treasury Secretary Scott Bessent regarding President Trump’s drastic tariffs on China (145%), which have shocked the global financial markets.
The American, Harvard-trained analyst shared the letter on X, which begins: “Hi Scotty Bessent, it’s been 12 years since we last met to talk about investing in China when you were still CIO over at Soros.”
Rein claimed that at that time, Bessent “underestimated China’s economic rise & support for the CPC among everyday Chinese” and “took an ideological rather than a data based view at analyzing China.”
Rein added: “But now your underestimation of China is dangerous…now you’re hurting the economic well being of me and my fellow Americans for being so arrogant and blind about China.”
Hi Scotty Bessent, it’s been 12 years since we last met to talk about investing in China when you were still CIO over at Soros (btw, amazing how you moved from Soros’ right hand to Trump’s side despite MAGA hating Soros)
At the time, it was clear to me you underestimated China’s…
— Shaun Rein (@shaunrein) April 23, 2025
Rein warned Bessent: “Xi Jinping, Wang Yi and He Lifeng won’t take your call, but I will. Maybe you’ll listen to me to figure out how to extricate America from the economic and geopolitical mess you’ve gotten us in.”
Rein added: “You ignored my advice once 12 years ago, don’t ignore it again.”
China will push back harder than Trump expects on tariffs: Chinese are prepared to dig in & endure hardship for months, years & even decades to rid the stench of Qing Dynasty capitulation & humiliation to western imperialism
I discuss w @ThinkersForumCNpic.twitter.com/FoiFxX6RUM
— Shaun Rein (@shaunrein) April 24, 2025
Robert Bowes, who worked at HUD and was a senior adviser at the Office of Personnel Management during the first Trump administration, replied to Rein: “Your comments are disgusting and at the same time reflect your tantrum teeth gnashing that your global market altar worshipping days are over. Hosing America was a paycheck to you. No longer. Give up your purported American citizenship and move to GuangDong.”
[Note: Bowes authored the Project 2025 section on the Consumer Financial Protection Bureau (CFPB), which he believes should be abolished.]
Your comments are disgusting and at the same time reflect your tantrum teeth gnashing that your global market altar worshipping days are over. Hosing America was a paycheck to you. No longer.
Give up your purported American citizenship and move to GuangDong.
On your way…
— Robert Bowes (@Robert_B_Bowes) April 24, 2025
Rein wrote: “I don’t want to see China ‘beat’ America. I’m American and love America. What I want to see is both America ‘win’ and China ‘win’ by cooperating together.” However, Rein added, right now China is winning.
As seen in the video below, Rein said: “China will push back harder than Trump expects on tariffs. Chinese are prepared to dig in & endure hardship for months, years & even decades to rid the stench of Qing Dynasty capitulation & humiliation to western imperialism.”
China will push back harder than Trump expects on tariffs: Chinese are prepared to dig in & endure hardship for months, years & even decades to rid the stench of Qing Dynasty capitulation & humiliation to western imperialism
I discuss w @ThinkersForumCNpic.twitter.com/FoiFxX6RUM
— Shaun Rein (@shaunrein) April 24, 2025