China and Russia have learned lessons from history: great powers lead or abstain, they don’t jump on the bandwagons of others, and in bilateral relations, great powers seek to maintain equilibrium-they may come close to each other if interests or circumstances demand, but not so close as to become followers.
The new round of tariffs has put U.S.-China trade negotiations on hold. Just a month ago, a deal to end the trade war was deemed likely. So why did this process unravel so quickly and what is the way going forward?
A number of recent articles suggest that Chinese officials may reduce their purchases of U.S. government bonds. It is very unlikely that China can do so in any meaningful way because doing so would almost certainly be costly for Beijing. And even if China took this step, it would have either no impact or a positive impact on the U.S. economy.
Whether President Trump is misguided in pursuing tariffs and using them as leverage with the Chinese government, America’s continued drive to levy penalties is less about fixing a trade problem than about changing China’s investment rules.
Darshana M. Baruah is a nonresident scholar with the South Asia Program at the Carnegie Endowment for International Peace. Her primary research focuses on maritime security in Asia and the role of the Indian Navy in a new security architecture.
Dalton is the co-director of the Nuclear Policy Program at the Carnegie Endowment. An expert on nonproliferation and nuclear energy, his work addresses regional security challenges and the evolution of the global nuclear order.
Nonresident Scholar Geoeconomics and Strategy Program
Rozlyn C. Engel is a nonresident scholar in the Geoeconomics and Strategy Program at the Carnegie Endowment for International Peace, where she focuses on macroeconomic risks, U.S. economic policy (foreign and domestic), long-term economic trends shaping the global security landscape, and economic intelligence analysis.
Evan A. Feigenbaum is vice president for studies at the Carnegie Endowment for International Peace, where he oversees research in Washington, Beijing and New Delhi on a dynamic region encompassing both East Asia and South Asia.
Maurice R. Greenberg Director’s Chair Carnegie–Tsinghua Center for Global Policy
Paul Haenle holds the Maurice R. Greenberg Director’s Chair at the Carnegie–Tsinghua Center based at Tsinghua University in Beijing, China. Haenle served as the director for China, Taiwan, and Mongolia Affairs on the National Security Council staffs of former presidents George W. Bush and Barack Obama prior to joining Carnegie.
Charlotte Stanton is the inaugural director of the Silicon Valley office of the Carnegie Endowment for International Peace as well as a fellow in Carnegie’s Technology and International Affairs Program.
Resident Scholar Carnegie-Tsinghua Center for Global Policy
Sun Xuefeng specializes in the rise of great powers and international relations theory. At Carnegie-Tsinghua Center for Global Policy, he runs a program examining the international and regional implications of China’s rise.