US-China partial decoupling is inevitable, and must be carefully managed to minimise disruption

As 2020 commenced, White House political calculations on trade, China and President Donald Trump’s re-election campaign appeared firmly on track. The three-step political strategy was clear. First, present China as a country which has broken trade rules for decades, taking advantage of the naivety of previous US administrations to achieve its unprecedented economic rise.Second, after pursuing a “get-tough” policy, including substantial punitive tariffs, conclude a phase-one trade agreement that…

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