The U.S.-China trade relationship: What’s behind the competition?
The U.S.-China trade relationship has been marked by growing tensions and competition, with both countries imposing tariffs on each other's goods. The trade war, which began during Trump's first term, has continued under Biden and escalated under Trump's second term.
The U.S.-China trade war has significantly impacted the global economy. Trade between the two countries has grown enormously since China joined the World Trade Organization in 2001, benefiting U.S. consumers and corporations but also leading to job losses. The first Trump administration's trade war with China in 2018 marked a decline in relations, with both sides imposing tariffs. President Biden continued many of Trump's policies, expanding export controls on critical products like semiconductors. Trump's second term has seen escalated tariff threats, with China imposing export controls on rare-earth minerals, creating a global supply shortage.
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