The U.S. and its allies need to adapt better to China’s growing influence over the institutions that govern the global economic order.
IMF Managing Director Kristalina Georgieva meets People's Bank of China Governor Pan Gongsheng during the 2025 Spring Meetings of the World Bank Group and IMF in Washington, D.C., April 25, 2025. Credit: IMF
The extent of China’s leverage in trade negotiations with the United States has seemed to stun the Trump administration to date, not least at the leaders’ meeting in South Korea last month. Indeed, China’s ability to put in place export and import controls, particularly over rare earths, has stymied Trump’s efforts to reshape the global trading system.
Gregory T. Chin and Kevin P. Gallagher's new book, China and the Global Economic Order. Credit: Cambridge University Press
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