JW,
For the most part I concur with most of what you propose... Certainly another competitor could adopt such a strategy (near peer or otherwise), and this would cause us and others significant challenges.
I think this example falls apart when you expand the scenario to the point of threatening national sovereignty/cause great harm to US... Any competitor that harms the US economy in such a way also harms the global economy... The hew and cry of the globalized world would be great and a coalition of the pissed off would form.
Now if you use this same strategy as a non-peer competitor/super empowered individual/group you stand a better chance of drawing western powers into a series of prolonged/resource draining expeditions.
Live well and row
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