Who is winning two years into the Russia-Ukraine conflict? Maybe it's neither. From the latest numbers, the winning party seems to be big U.S. corporations. A fact sheet released last month by the State Department shows that U.S. arms transfers and defense trade hit a record $240 billion last year. U.S. President Joe Biden told the media bluntly that U.S. "aid" to other countries and regions supports American jobs through arms production. Is the U.S. profiteering from the conflict in Ukraine? Is peace then bad for business? What's the implication for China?

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