Carnegie Endowment for International Peace
November 11, known in China as Singles’ Day, started out as a wry, tongue-in-cheek holiday. It has since become a major draw for online shopping, a profoundly Chinese celebration, and an expression of the country’s modern urban youth. But the rampant commercialization of Singles’ Day may one day come to be seen as a symbol of the era of China’s bubble economy.
U.S. policy has been, with respect to China, forming a bipartisan consensus in recent years. For Trump to think that a quick deal on trade problems was solved doesn’t seem consistent with the rest of the things his administration says.
Opinion polls in both Japan and the United States show continued strong support for their security alliance and economic relationship, but Trump administration trade policies, its withdrawal from international agreements, and its undermining of multilateral institutions is stressing bilateral ties in ways not seen in decades.
Chinese state-owned companies are using their financial leverage to build strongholds in Portugal, Greece and Italy. Many of the targeted countries are becoming soft supporters of China on the international stage.
China is increasingly central in world politics. Western nations should remain open to its initiatives and engage it in dialogue through multilateral institutions.
President Trump’s new tariffs on $200 billion worth of Chinese goods begins on Monday. The impact on the U.S. economy is expected to be less severe but still substantial.
Washington and Tokyo are sending some conflicting signals regarding their policies toward China, bracing for strategic competition but also trying to strengthen cooperation in certain priority areas.
The international community views the Belt and Road through a zero-sum lens. To succeed, Beijing should focus on its domestic aspirations, international responsibilities, and nonmonetary investments.
A recent article by Joseph Stiglitz suggests that the United States runs a current account deficit because its people save too little to fund domestic investment. In fact, he may have it backwards: Americans may save too little precisely because the United States runs a current account deficit.
Some analysts say a major and direct cause of the imbalance in bilateral trade is the high level of expenditure by American consumers.