Biden’s War With China Is Getting Sticky for U.S. Billionaires The president announced a diplomatic boycott of the winter Olympics in Beijing—a move Chinese officials called a “naked political provocation.” If things continue to deteriorate, U.S. markets could reportedly lose as much as $2 trillion. 2022 Beijing Winter Olympics: China criticises US diplomatic boycottChina angrily denounces a US plan not to send diplomats to the 2022 Winter Olympics in Beijing. 2022 Beijing Winter Olympics: China criticises US diplomatic boycottChina angrily denounces a US plan not to send diplomats to the 2022 Winter Olympics in Beijing.