Balance-of-payments deficits, not the so-called China problem, are the macroeconomic source of America’s overall trade deficit.
National Security Advisor Jake Sullivan (right) and Secretary of State Antony J. Blinken (left) met with CCP representatives in mid-March. Credit: State Department/Ron Przysucha
It wasn’t just the weather that was cold when senior U.S. and Chinese officials convened recently in Anchorage, Alaska to try to reset their countries’ relations after four years of mounting tension. Sadly, the meeting was more reminiscent of the Cold War era than of a fresh start. That needs to change quickly — before it is too late.
Trapped in the politics of America’s bipartisan groundswell of anti-China sentiment, President Joe Biden’s team appears to be staying the course set by the previous administration, even upping the ante on the trade and technology conflict by raising human rights and geopolitical concerns, which Biden’s predecessor ignored. And China, trapped in a mindset born of a “century of humiliation,” compounded the problem with its assertive and defensive response. In full view of the media, the opening exchange was laced with charges and counter charges, with no discernible path for de-escalation.
A better way would be for both sides to go bac
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