The United States and China are the two global economic heavyweights. Combined, they produce more than 40% of the world's goods and services.So when Washington and Beijing do economic battle, as they have for five years running, the rest of the world suffers, too. And when...
The United States and China are the two global economic heavyweights. Combined, they produce more than 40% of the world's goods and services.
Hopes have risen that Washington and Beijing can at least cool some of their economic tensions at the Asia-Pacific Economic Cooperation summit, which starts Sunday in San Francisco. The meeting will bring together 21 Pacific Rim countries, which collectively represent 40% of the world’s people and nearly half of global trade.
In 2018, the Trump administration began imposing tariffs on Chinese imports to punish Beijing for its actions in trying to supplant U.S. technological supremacy. Many experts agreed with the administration that Beijing had engaged in cyberespionage and had improperly demanded that foreign companies turn over trade secrets as the price of gaining access to the Chinese market. Beijing punched back against Trump's sanctions with its own retaliatory tariffs, making U.S.
Beijing has also taken aggressive actions against foreign companies in China. Orchestrating what appears to be a counterespionage campaign, its authorities this year raided the Chinese offices of the U.S. consulting firms Capvision and the Mintz Group, questioned Shanghai employees of the Bain & Co. consultancy and announced a security review of the chipmaker Micron.
And those barriers are rising: Last year, the IMF said, countries imposed nearly 3,000 new restrictions on trade, up from fewer than 1,000 in 2019. The agency foresees international trade growing just 0.9% this year and 3.5% in 2024 — down sharply from the 2000-2019 annual average of 4.9%.
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