The Economic Costs of America’s Conflict with China
The U.S. penchant to over-hype China's security threat should not be accepted on blind faith.
Treasury Secretary Janet Yellen speaks on the U.S.-China economic relationship at Johns Hopkins University School of Advanced International Studies, April 20, 2023, in Washington. Credit: Manuel Balce Ceneta via AP Newsroom
Five years into a once-unthinkable trade war with China, US Treasury Secretary Janet Yellen chose her words carefully on April 20. In a wide-ranging speech, she reversed the terms of US engagement with China, prioritizing national-security concerns over economic considerations. That formally ended a 40-year emphasis on economics and trade as the anchor to the world’s most important bilateral relationship. Yellen’s stance on security was almost confrontational: “We will not compro
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European democracies, threatened by Vladimir Putin’s war on Ukraine and Donald Trump’s designs on Greenland, are embarking on historic changes in their defense posture. But China’s grip on the supply of tungsten, gallium and other vital raw materials threatens their plans.
The former official in both of the president’s terms discusses why Trump has become less hawkish on China, and his sudden departure from the administration last year.
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