For the third time since 2022, China conducted military drills around Taiwan on October 14-15.

The exercises — codenamed “Joint Sword-2024B” — involved warships, fighter jets and coast guard vessels encircling Taiwan.

Source: Central News Agency (CNA) of Taiwan

The Chinese military says the exercises were in response to Taiwanese President Lai Ching-te's National Day speech in which he claimed that China has no right to represent Taiwan.

Beijing further described its war games as a “stern warning” to Taiwan's “separatist forces.”

With Beijing escalating tensions, understanding the approaches of Donald Trump and Kamala Harris toward China and Taiwan shouldn’t be overlooked.

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Your Rundown for Wednesday, October 16, 2024...

Two Approaches to China and Taiwan

During his presidency, Trump's China policy was clear and decisive: Confront Chinese economic aggression head-on via a trade war with Beijing.

The trade war wasn't just about economics — it was a calculated move to maintain America's technological edge in critical industries like semiconductors and artificial intelligence.

That’s because the Trump administration recognized technological superiority would be key to national security in the 21st century.

Regarding Taiwan, Trump's policy was pragmatic. He bolstered support for Taiwan through increased arms sales and diplomatic visits.

On the other hand, he questioned why American taxpayers should bear the burden of Taiwan's security when the island has benefited enormously from U.S. protection and trade relations.

Thus Trump's stance on defending Taiwan militarily remains ambiguous, keeping China guessing while avoiding unnecessary provocation.

And most importantly? Preventing the U.S. from being drawn into a hot war.

In contrast, the Biden-Harris team has been playing a game of “follow the leader” — for instance, maintaining and even expanding Trump’s tariffs!

It's almost as if they realize Trump was right… but can't bring themselves to admit it.

Plus, Biden has been running his mouth about militarily defending Taiwan, forcing his staff to backpedal and reaffirm that there has been no change to the U.S. “One China” policy which dates back to 1979.

On that score, both candidates might push the envelope, but a complete abandonment of this policy seems improbable.

To summarize key differences between the candidates: Trump's China policy confronted Beijing's economic bullying head-on while safeguarding U.S. technological dominance.

Unlike the Biden-Harris approach, Trump's Taiwan strategy was a balancing act — keeping China on its toes while insisting that Taiwan contribute to its own defense and not rely solely on U.S. military intervention.

Yes, the stakes in this election are enormous at home (i.e. inflation, immigration, taxes, etc.), but we can’t ignore the perilous consequences abroad either.

America needs strength and strategic vision. Now more than ever.

Market Rundown for Wednesday, Oct. 16, 2024

S&P 500 futures are slightly in the green at 5,865.

Oil is up 0.10% to $70.65 for a barrel of West Texas Intermediate.

Gold is up 0.55% to $2,693.30 per ounce.

And Bitcoin is up 1.60% to $67,900.

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