• Several U.S. leaders have financial connections to Chinese companies.
• This reveals a conflict between their public stance and private investments.

David McCormick, now running as a Republican Senate candidate in Pennsylvania, testified to Congress in 2023 about his “deep reservations” over the ethical issues of doing business in China. As CEO of Bridgewater Associates, he cautioned about the risks but took a different approach in practice.

According to CNN, Bridgewater’s investments in China grew from US$1.6 million to US$1.77 billion between 2017 and 2021 under McCormick’s leadership. Bloomberg revealed investments in companies supplying the Chinese military, while HuffPost mentioned ties with a Chinese fentanyl producer. HuffPost also alleged McCormick profited from trade policies he helped shape as a Bush administration official.

Denying wrongdoing, McCormick instead accused his opponent, Democrat Bob Casey, of financial links to Chinese companies. Both candidates are working to appear tougher on China as Senate control hinges on battleground races.

Campaign trails and financial realities: Candidates with ties to China

In Wisconsin, Republican Eric Hovde has promised that, if elected, he would work to prevent Chinese land purchases near military bases. He has also criticised his opponent, Tammy Baldwin, over Chinese-imported fentanyl’s role in the on-going drug addiction crisis in the US. The Daily Beast reports that Hovde’s family once attempted to establish an investment fund in China, although a spokesperson clarified that Hovde was not involved.

In Michigan, former Congressman Mike Rogers, who chaired the House Intelligence Committee, claims he was one of the first to warn of the dangers that China represented. Yet, The Detroit News reported that Rogers and his wife have benefited financially through Chinese partnerships. The Heartland Signal also highlighted Rogers’ ties with Nokia, which has partnered with Huawei, the Chinese tech giant under US sanctions.

Rogers denies any wrongdoing but has accused his opponent, Elissa Slotkin, of secretly supporting a Chinese-linked EV battery plant. Slotkin denied the allegation, countering that Rogers backed policies, such as NAFTA, that led to job losses to China.

In Montana, where Democrat Jon Tester is a rare representative in a Republican-leaning state, Republican challenger Tim Sheehy has pushed for a harder stance on China, calling Tester “weak” on the issue. Last December, HuffPost reported that Sheehy earned dividends from shares in Tencent, a Chinese tech giant, and also that he maintained investments with China-linked institutions.

Sheehy responded by criticising Tester’s wealth, reportedly gained through political connections. Sheehy has built his career on Bridger Aerospace, a firefighting tech firm, but Heartland Signal noted he endorsed using Chinese drones from a company sanctioned over data security issues. Sheehy did not directly address these claims.

In Ohio, Republican Bernie Moreno, challenging Democrat Sherrod Brown, claims he refused to sell Chinese-manufactured SUVs, criticising Brown’s trade record. However, Spectrum News reported that Moreno previously sold these vehicles until a local plant closed. A spokesperson clarified that Moreno stopped sales after the closure.

In Florida, where Democrats are eager to unseat Republican Rick Scott, the former governor has frequently called on Americans to avoid Chinese products, branding China an adversary. Yet, Mother Jones revealed Scott’s history of supporting Chinese investments in the US and his financial gains from Chinese commerce. Scott’s spokesperson refuted these claims, framing Scott as a stronger opponent to China than his critics, whom he says support “pro-China” policies.

Influencers with financial ties to China amid anti-China rhetoric

The duality of anti-China rhetoric paired with financial ties isn’t limited to politicians. High-profile influencers such as Steve Bannon and Peter Thiel demonstrate similar contradictions.

Steve Bannon, a former White House strategist, frequently warns about the Chinese Communist Party’s (CCP) global ambitions. Yet, companies and financial interests associated with Bannon or his affiliates have occasionally profited from Chinese investments, even though Bannon is not directly involved in managing them. His complex financial web includes indirect ties to Chinese funding sources, highlighting the challenge of maintaining pure ideological positions in global business.

Similarly, Peter Thiel, a vocal critic of the United States’ reliance on Chinese technology, has an investment portfolio that includes companies like Palantir, which has indirect links to Chinese clients. While Thiel avoids direct investments in China, his ventures reflect the difficulty of completely disentangling from reliance on the Chinese market.

As these examples illustrate, the complex financial relationships of both candidates and influential figures highlight the tension between public anti-China positions and private financial interests. For voters, it raises questions about the sincerity of candidates’ stances and how deeply intertwined American business remains with the very nation many describe as a strategic adversary.

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