Trump wasn't so much stopping China from developing 5G as keeping their companies from infiltrating the US networks and stealing all they could get their hands upon. They were doing it for decades with American tech companies.
Biden (or should I say Harris) will now open the door for the Chinese to walk through without any resistance.
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China was the one thing that Trump got right. China is dangerous and ought to be prevented from doing such things. But as you said, Chinese influence will be impacted by demographic factors going forward. China will be looking at a plummeting population in the next few decades.
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