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In 2018 and 2019, the United States and China sparked a trade war by imposing tariffs on approximately $450 billion worth of goods. This disrupted the decades-long trend toward reduced global trade barriers and notably decreased direct trade between the two countries, a trend that continues today.
The US-China trade war created net export opportunities rather than simply shifting trade across destinations. Many "bystander" countries grew their exports of taxed products into the rest of the world (excluding the United States and China).
Underneath the ripples of the US-China technology decoupling, the fragmentation of supply chains and corollary goods trade diversification, one thread has continued to tether the two countries together: finance.
In 2018, the United States launched a trade war with China, marking an abrupt departure from its historical leadership in integrating global markets. By late 2019, the United States had imposed tariffs on roughly $350 billion of Chinese imports, and China had retaliated on $100 billion of US exports.
At the peak of the US-China Trade war in 2018-19, the US imposed tariffs on over $360 billion worth of Chinese goods, and China retaliated with around $110 billion in tariffs. These policies counteracted a trend in the US and other countries over previous decades of reducing cross-border tariffs to generate growth through global trade.
In 2018, the US launched a trade war with China, an abrupt departure from its historical leadership in integrating global markets. By late 2019, the US had tariffed roughly $350 billion of Chinese imports, and China had retaliated on $100 billion US exports.
Would China provide enough concessions to satisfy the demands of the U.S.? Would the U.S. back down? Or would the trade war escalate, causing unprecedented disruptions-and opportunities-in global trade patterns?
from an autarkic economy to a major world trader, it also covers the still-ongoing US-China trade war and the ambitious Belt-Road Initiative, and speculates insightfully on the internationalization of the RMB.