U.S. - Chinese foreign economic relations at the stage of "partial decoupling"

Cover Page

Cite item

Full Text

Open Access Open Access
Restricted Access Access granted
Restricted Access Subscription Access

Abstract

The Biden administration is using trade policy tools to reformat international supply chains in favor of national producers. The adjustment of the U.S. foreign economic policy towards China is carried out in conjunction with national security issues. The goals pursued are to weaken China economically. The future of U.S. - China trade relations are seen as moving along the trajectory of “partial decoupling”. The complete disintegration is not in Washington's interests as economies of the two countries remain interdependent and complementary, and will only push China to strive for self-development.

About the authors

Sergey S. Dmitriev

Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO)

Email: america@imemo.ru
Moscow, Russian Federation

References

  1. Yellen's Remarks on China-US Economic Relations Show US ‘Saying One Thing but Doing Another': Experts. Global Times. 21.04.2023. Available at: https://www.globaltimes.cn/page/202304/1289569.shtml (accessed 24.04.2023).
  2. China May Reach Energy Self-Sufficiency By 2060. Goldman Sachs. 23.03.2023. Available at: https://www.goldmansachs.com/insights/pages/china-may-reach-energy-self-sufficiency-by-2060.html (accessed 14.04.2023)
  3. Readout of President Joe Biden's Meeting with President Xi Jinping of the People's Republic of China. The White House. 14.11.2022. Available at: https://www.whitehouse.gov/briefing-room/statements-releases/2022/11/14/readout-of-president-joe-bidens-meeting-with-president-xi-jinping-of-the-peoples-republic-of-china/(accessed 15.12.2022).
  4. Gina M. Raimondo. Remarks by U.S. Secretary of Commerce Gina Raimondo on the U.S.Competitiveness and the China Challenge. U.S. Department of Commerce. 30.11.2022. Available at: https://www.commerce.gov/news/speeches/2022/11/remarks-us-secretary-commerce-gina-raimondo-us-competitiveness-and-china (accessed 12.12.2022).
  5. Lynch D. U.S. To Focus on National Security, Not Trade, In Relations with China. The Washington Post. 20.04.2023. Available at: https://www.washingtonpost.com/business/2023/04/20/us-focus-national-security-not-trade-relations-with-china/(accessed 24.04.2023).
  6. Crawford A. Biden's Made in America Push Sparks Global Subsidies Arms Race. Bloomberg. 27.04.2023. Available at: https://www.bloomberg.com/news/articles/2023-04-27/biden-s-made-in-america-push-unnerves-us-economic-allies?srnd=premium-europe (accessed 27.04.2023)
  7. Farge E. U.S. Wants World Trade Organization Dispute System Fixed By 2024.International Business Times. 26.01.2023. Available at: https://www.ibtimes.com/us-wants-world-trade-organization-dispute-system-fixed-2024-3661491 (accessed 12.02.2023).
  8. Lincicome S.Introducing Cato's Protectionist Madness 2023 Tournament. CATO. 13.03.2023. Available at: https://www.cato.org/blog/introducing-catos-protectionist-madness-2023-tournament (accessed 15.03.2023).
  9. International Trade and Finance: Overview and Issues for the 118th Congress. CRS. 24.03.2023. Available at: https://sgp.fas.org/crs/row/R47484.pdf (accessed 12.04.2023).
  10. Freytag A., Griswold D. Balance of Trade, Balance of Power. CATO. 25.04.2023 Available at: https://www.cato.org/sites/cato.org/files/2023-04/policy-analysis-944-link.pdf (accessed 26.04.2023).
  11. Bown C. US Imports from China Are Both Decoupling and Reaching New Highs. Here's How. PIIE. 31.03.2023. Available at: https://www.piie.com/research/piie-charts/us-imports-china-are-both-decoupling-and-reaching-new-highs-heres-how (accessed 12.04.2023).
  12. Remarks by U.S. Secretary of Commerce Gina Raimondo: The CHIPS Act and a Long-term Vision for America's Technological Leadership. U.S. Department of Commerce. 23.02.2023. Available at: https://www.commerce.gov/news/speeches/2023/02/remarks-us-secretary-commerce-gina-raimondo-chips-act-and-long-term-vision (accessed 15.03.2023).
  13. Krisher T., Daly M. The White House Will Require At Least 54% Of All New Vehicles to Be Electric By 2030, Sources Say. Fortune. 11.04.2023. Available at: https://fortune.com/2023/04/10/electric-vehicles-joe-biden-white-house-rules-54-percent-by-2030-pollution/(accessed 14.04.2023).
  14. US to See Dramatic Growth in LNG Export Capacity. Bloomberg NEF. 24.01.2023. Available at: https://about.bnef.com/blog/us-to-see-dramatic-growth-in-lng-export-capacity/(accessed 07.06.2023).
  15. The Administration's Approach to the People's Republic of China. United States Department of State. 26.05.2022 Available at: https://www.state.gov/the-administrations-approach-to-the-peoples-republic-of-china/(accessed 07.06.2022).
  16. Transcript: Digital Press Briefing with Ambassador Katherine Tai, United States Trade Representative. Office of the United States Trade Representative. 25.04.2023. Available at: https://ustr.gov/about-us/policy-offices/press-office/press-releases/2023/april/transcript-digital-press-briefing-ambassador-katherine-tai-united-states-trade-representative (accessed 26.04.2023).
  17. Qingqing C. and Weiduo S. Re-Engagement Of US-China in Commerce Could Be An 'Ice-Breaking' Opportunity: Experts. Global Times. 21.04.2023. Available at: https://www.globaltimes.cn/page/202304/1289538.shtml (accessed 25.04.2023).
  18. GT Voice: Vigilance Needed Against Shocks Of ‘Decoupling' Moves by the US. Global Times. 07.03.2023. Available at: https://www.globaltimes.cn/page/202303/1286854.shtml (accessed 15.03.2023).
  19. Arcesati R. and Hmaidi A. Industry, Allies and Partners Face Tough Choices As US-China Tech War Escalates. Mercator Institute for China Studies. 20.10.2022. Available at: https://merics.org/en/short-analysis/industry-allies-and-partners-face-tough-choices-us-china-tech-war-escalates (accessed 15.12.2022).
  20. Bown C. Four Years into The Trade War, Are the US and China Decoupling? PIIE. 20.11.2022 Available at: https://www.piie.com/blogs/realtime-economics/four-years-trade-war-are-us-and-china-decoupling (accessed 22.03.2023).
  21. Wiseman P. An Economic Showdown Between the Us and China Could Weaken Growth and Make Inflation Worse, According to The ECB Chief. Fortune. 18.04.2023. Available at: https://fortune.com/2023/04/17/china-us-economic-blocs-rivalry-increase-inflation-weaken-growth-ecb-president-christine-lagarde/(accessed 22.04.2023).
  22. Tooze A. 2023. America Has Dictated Its Economic Peace Terms to China, Foreign Policy. Available at: https://foreignpolicy.com/2023/04/24/america-has-dictated-its-economic-peace-terms-to-china

Supplementary files

Supplementary Files
Action
1. JATS XML
Download

Copyright (c) 2023 Russian Academy of Sciences