The days are over when the United States—or at least its political and business leaders—saw mushrooming commerce with China as an expressway to greater national prosperity, higher profits, and a powerful contributor to global well-being.
Ever since President Donald Trump started hiking tariffs on imports from China in the middle of last year, speculation has abounded that his main aim wasn't creating leverage for securing a favorable trade agreement with Beijing, but, rather, spurring a process of decoupling the two economies. As widely noted, disengagement represented a logical economic aim, given the president's conviction that China had been “raping” America on trade. And less commerce with China would reduce U.S. dependence on a country his administration warned was an increasingly powerful and aggressive strategic rival.
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