China holds more than a trillion dollars in United States debt, and an escalating trade war could tempt it to wield that debt in a way that has long been unthinkable.
The furor over Mr. Liu’s legal troubles reflects China’s fascination with self-made tech tycoons, who have become symbols of the country’s rise as a global power.
American officials have long worried that Chinese tech firms such as Huawei and ZTE could be involved in espionage. Those jitters are now going global.
The Belt and Road Initiative is widely seen as a push to develop geopolitical through infrastructure and ports. Companies are using it for more frivolous projects, too.
Beijing’s retaliatory tariffs make American soy pricier. But the country’s huge demand for oil and animal feed makes it tough to stop importing overnight.