US-China trade hits record high despite of “Cold War”
According to political economist Dr Shirley Yu, the Spy Balloon Gate escalates what has previously been defined as a severe economic and technological competition to a national defense competition. The probability of a small-scale incident evolving into a major geopolitical catastrophe between the world’s two largest powers is quickly escalating.
However, trade between the United States and China hit a record high in 2022. The bilateral goods trade rose to $690.6 billion last year, according to official US data released Tuesday. Exports to China increased by $2.4 billion to $153.8 billion, while imports of Chinese products rose by $31.8 billion to $536.8 billion.
The data suggests that the idea of “decoupling,” or reducing mutual reliance in a range of areas, is much more evident in policy discussions rather than on-the-ground trade reality.
Supply chains are sticky, particularly those linked to China. At the end of the day, most companies care more about getting their products to consumers on time, and in ways that are the most cost-effective for their own operations.
All these demonstrate just how intertwined the U.S. and China remain, commercially at least, despite efforts to effectively “decouple” their economies
Instead of wishing for decoupling from China, what needs to happen is a “strategic approach to managing the relationship”, some argue.
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