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The US-China relationship has been tumultuous in recent years as tensions between the two nations have grown increasingly strained over trade and technology. These tensions have spilled over into the political and diplomatic realms, affecting everything from global supply chains to security. While both countries have engaged in negotiations to find a resolution, the disputes have not been fully resolved.
The Trade Battle
The trade battle began in 2018 when the US imposed tariffs on Chinese goods to balance the trade deficit between the two countries. China then retaliated with its tariffs on US goods. The two countries have gone back and forth imposing tariffs on each other’s goods, affecting an increasing number of sectors from agriculture to high-tech, electronics to automotive.
The trade wars have also revealed a growing technological rivalry between the two countries. The US has been placing restrictions on China’s tech firms such as Huawei, ByteDance (TikTok), and WeChat, citing issues of national security. China, in response, has urged its domestic industries to focus on self-reliance and limit reliance on foreign technologies that could be restricted or cut off. This has caused further friction between the two countries.
Outlook for the Future
The tension between the US and China is ongoing and will continue to affect global markets for the foreseeable future. While both sides have reached an agreement to cool down the trade war, the underlying issues are still there, and new issues may arise. As the world’s two largest powers, the relationship between the US and China will have significant consequences for not only the two countries involved, but also for other nations with ties to both countries. It remains to be seen how the US and China will resolve their issues, and what impact that will have on the rest of the world.
While it is important to note that this is not a zero-sum game, the US-China trade and technological rivalry will undoubtedly have long-term consequences. Countries are caught in the crossfire, having to decide which side to take. While the tension between the two countries is understandably causing unease around the world, it is hoped that they will soon come to a resolution that benefits both parties as well as the rest of the world.