How Trump and Biden have failed to cut ties with China
It is hard to overcome economic incentives
Donald Trump and Joe Biden do not agree on much, but they are of a similar mind when it comes to America’s trade relations with China. They believe that the world’s largest economy is simply too reliant on its second-largest. Thus American officials travel the world touting the benefits of “friendshoring”—or shifting production out of China and into less risky markets. Business leaders make positive noises, and are sincerely worried by China’s weak economic growth, not to mention its volatile politics. The number of comments in earnings calls referring to “reshoring” has exploded.
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This article appeared in the Finance & economics section of the print edition under the headline “Still coupled”
Finance & economics March 2nd 2024
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From the March 2nd 2024 edition
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