For the last century, the USA has been the undisputed master of the capitalist world. Now, all that is changing. Today, America is in decline and facing a new contender: China.

Over the last 30 years, China has exploded from an underdeveloped country, exploited by western capitalists for its cheap labour, to a cutting-edge capitalist power in its own right. Today, it accounts for 18 percent of the world's GDP and 29 percent of the world’s manufacturing, and leads the world in some of the most advanced technologies.

As a result of this stormy development, which has made China the second most powerful country in the world, it has been able to stand firm in the face of Trump’s tariff war, whereas all other countries have meekly submitted. But no matter the balance of forces, such a conflict between the world’s biggest markets cannot fail to have devastating consequences for the whole world economy.

This trade war between the US and China – along with the negotiations over the fate of Ukraine, which are also discussed in this episode – show that we have entered a new epoch, one of economic crisis, heightened conflict between competing powers and, in consequence, class struggle.

To explain where these developments are leading the world, Jorge Martín and Hamid Alizadeh from the International Secretariat of the Revolutionary Communist International met for another episode of Against the Stream, the weekly current affairs podcast of the RCI.

This episode premiered on YouTube. Tune in every Thursday at 6pm GMT, or catch up on Spotify or Apple Music.