Saudi Arabia has significantly reduced its US Treasury holdings, dropping 41% from $184 billion in February 2020 to $108 billion, while China’s holdings reached a 14-year low of $835 billion.

While China has been offloading US Treasuries for 10+ years, the rate has accelerated.

Both Canada and Mexico also now account for a higher % of US imports than China.

It seems like the trade war is back.

Follow us @KobeissiLetter for real time analysis as this develops. pic.twitter.com/paivr3aYSS

— The Kobeissi Letter (@KobeissiLetter) September 10, 2023

Bin Salman: I believe the Middle East will be the new Europe. In 5 years, Saudi Arabia will be a completely different country.

"This is the Saudi war. This is my war. I want to see the Middle East on top of the world before I die. pic.twitter.com/vhqiwwT4on

— Sprinter (@Sprinter99800) September 10, 2023