Who’s Winning the US-China Trade War? No One

Source: Foreign Policy
by Michael Hirsh

“It is fair to conclude that, nearly two years into the Biden administration, we are in a new era in which economics no longer matters much. Instead, populist rallying cries about techno-nationalism reign supreme. The United States and other major economies are in defensive mode, ready to raise more trade barriers and tariffs if necessary. You could call this generational change the long tail of the “China Shock,” the phenomenon of recent decades whereby U.S. producers fled to cheaper labor sources overseas, especially in newly market-friendly China. (Which, as it turns out, had no intention of playing fair in trade.) In Washington, traditional economic wisdom about the growth benefits of free markets has been largely banished from the discussion. Everyone, it seems, has become an economic nationalist. Especially regarding China.” (09/21/22)