China’s Economy in 2026: Supply Chains, Tariffs, and the Myth of a Consumption Shift w/Leland Miller

In this episode, host Steve Yates is joined by Leland Miller, co-founder of China Beige Book and U.S.–China Economic and Security Review Commission member, for a clear-eyed assessment of China’s economy heading into 2026.Miller breaks down what analysts got wrong about China in 2025, why GDP figures and stimulus narratives are misleading, and how Xi Jinping is prioritizing advanced manufacturing and national security over household consumption. The conversation examines why a true shift to a consumer-driven Chinese economy is unlikely, how high U.S.–China tariffs have become sustainable rather than destabilizing, and why the real battleground has moved from trade wars to supply chain warfare.Key topics include supply-chain weaponization, rare earths and pharmaceuticals, tariffs versus effective tariff rates, transshipment, robotics and demographics, and the strategic risks facing the U.S. and its allies as globalization gives way to a fragmented, security-driven economic order. Watch Full-Length Interviews: https://www.youtube.com/@ChinaDeskFNW