Trade, power and precipice: Navigating the US-China economic stand-off
The challenge for both nations – and for the rest of the world – is to build new institutions that can manage rivalry without ruin and to reimagine a new development model ahead
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AS THE United States and China ratchet tariffs to levels unseen since the Smoot-Hawley era – 145 per cent on Chinese exports into the US, versus 125 per cent on American exports into China – the two superpowers are plunging into a new phase of economic confrontation.
But this is no longer just a trade dispute. It is an all-encompassing contest of political will, industrial strategy and global influence.
This latest surge in tensions is a culmination of long-building pressures since the 2018 invocation of Section 301 of the US Trade Act. The Trump administration at the time looked to counter what it called China’s “unfair trade practices”, including forced technology transfers, subsidies for state-owned enterprises and constraints on market access.
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