Wildfires continue to ravage southern California, with at least five people confirmed dead, over 150,000 residents evacuated, and more than 1,100 homes destroyed, as flames spread unchecked across Los Angeles County.
Fueled by strong winds and dry weather conditions that have plagued the region in recent days, at least six separate wildfires have erupted across Los Angeles County since Tuesday, and nearly all remain largely uncontrolled, according to the latest data released on Wednesday by the California Department of Forestry and Fire Protection (CAL FIRE).
Among the most severe incidents is the fire in the Pacific Palisades area, which has already scorched 64 square kilometers of land. The Eaton fire, spreading in the Altadena area in eastern Los Angeles County, has also devastated over 42 square kilometers of forested land.
With the Palisades fire encroaching, authorities in Santa Monica issued emergency evacuation orders for parts of the city on Wednesday.
The wildfires have also caused widespread power outages, with over 310,000 homes and businesses currently without electricity, according to data from a U.S. power outage tracking website.
California governor Gavin Newsom declared a state of emergency on Tuesday and also visited the Pacific Palisades area where he met with local and state fire officials.
The National Weather Service stated on Wednesday that strong winds are expected to continue until Thursday in affected areas, making it harder to contain the wildfires.
At least 5 dead, over 1,000 homes destroyed in Los Angeles County wildfires
At least 5 dead, over 1,000 homes destroyed in Los Angeles County wildfires
At least 5 dead, over 1,000 homes destroyed in Los Angeles County wildfires
At least 5 dead, over 1,000 homes destroyed in Los Angeles County wildfires
The universal "reciprocal tariffs" imposed by the United States signals a decline in the U.S. economic dominance and dollar hegemony, as the country is attempting to extract excessive financial benefits from its trading partners, according to economists, who warn the Trump administration is playing a "dangerous game".
U.S. President Donald Trump last week signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" before unveiling higher rates on certain trading partners. The policy sent shockwaves throughout the global economy and triggered panic on financial markets, with analysts warning of significant risks and dire economic consequences.
In an interview with the China Global Television Network (CGTN), Hong Hao, chief economist of the GROW Investment Group, a Shanghai-based hedge fund, said the tariffs reflect Trump's strategy to extract economic benefits from trading partners, particularly viewing China as a significant competitor. "Trump really believes that the trade terms with the trading partners have been unfair to the U.S., and as a result, the U.S. manufacturing sector has been hollowed out. Therefore, the U.S. is paying an excessive price for globalization, and now, it's time to pay back. I think, from this angle, he is trying to extract economic rent from its trading partners, and also he is trying to see China as one of the major U.S. rivals at this juncture. So, I think, as a result, he is playing a very dangerous game. And, as you can see, it's political theater in the sense that he is trying to dramatize the extreme pressure, so that he can get excessive rent from the opponent," he said
Trump's unilateral imposition of tariffs has eroded global confidence in the U.S. and its dollar's status, leading many to state that the American hegemony may not persist, according to Josef Gregory Mahoney, a professor of politics and international relations at East China Normal University.
"The U.S. economy is at an inflection point. There is a moment where the previous strategies being used to sustain American hegemony were no longer working. And, it's only a matter of time before the U.S. position erodes, given the fact that it's been a house of cards built on the dollar supremacy. And a lot of people don't see that as having a brighter future. This has moved past the theater stage and has moved really directly into one in which no one really has confidence in the U.S. anymore. No one has confidence in the dollar. No one has confidence in the U.S. being committed to the multilateral system, to global trade and so forth and so on," he said.
Trump playing "dangerous game" as tariff measures signal decline in U.S. dollar hegemony: economists
