How the US is dealing with China's economic hardships
U.S. Commerce Secretary Gina Raimondo focused on managing trade issues between the two countries during her four-day visit to China. Following her meeting with her Chinese counterpart Wang Wentao, Raimondo announced the creation of a joint forum to reduce tension. She emphasized that the Biden administration would not compromise on national security by advocating for restrictions on chip exports. Raimondo's visit marked the first by a U.S. Commerce Secretary to China in five years and followed visits by Secretary of State Blinken in June and Treasury Secretary Janet Yellen in July. It is clear that the Biden administration is continuing its economic struggle with China while attempting to reduce rising tensions to safeguard American economic interests and capital in the country.
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The limits of US-China economic rivalry
The intense global economic rivalry between the US and China is leading to a fierce competition, particularly in the advanced technology sector. While Washington imposes measures to limit the export of high-tech products to China, Beijing is not sitting idle. A recent example is Intel, the giant US computer chip producer, retracting its decision to acquire Israel's semiconductor chip manufacturer, Tower Semiconductor. Intel had initially planned to acquire Tower to remain competitive in chip manufacturing and had obtained approval from American authorities. However, after waiting for 18 months without approval from Chinese authorities, Intel was forced to announce the cancellation of the acquisition. Intel, which generates 27% of its global revenues from China, avoiding jeopardizing this relationship, demonstrates how complex the economic battle between the US and China has become.
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Trump not only escalated the disputes into a trade war but also extended the scope of these disputes to include some other countries, including Japan. Through bilateral talks, the dispute with Japan was de-escalated, but with China, the long and tedious negotiations did not lead to a resolution.
The emerging crisis and instability in the international system is generating new openings and relations among different major powers. On the one hand we have been seeing new forms of challenges and confrontations among the superpowers. The trade war between China and the U.S. is only one of these new types of confrontations, which is a part of a rising trend in geo-economic dynamics in international relations.
Last week, two developments in the U.S.-China relations demonstrated the intricacy of their ties and signaled the future trajectory of the Great Power rivalry.
US-China trade war puts future economic order in question
The complicated trade war between the U.S. and China poses a danger for the entire global economic order, causing ripples across the whole international system
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Washington-Beijing affairs: All about the economy
In the last few years, the use of 'trade wars' has become increasingly common in international relations. Once considered a rather marginal concept, after the beginning of the tenure of President Donald Trump it has been constantly utilized in describing one of the tenets of U.S. relations with China.
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The leader-to-leader diplomacy between the U.S. and Turkey at the G20 summit was crucial in defusing the S-400 dispute and turned it into a potential communication tool for bilateral ties
Within the framework of a shift in global economic gravity, Chinese assertiveness and political-military vision regarding East Asia is creating heated debates with U.S. representatives at international summits
The U.S. is concentrating too much on the Middle East, which may cost it dearly; it has already issues such as the trade war with China, the Venezuelan crisis and Russia's increasing global effectiveness to handle
In the last few years, it has become commonplace to question the future of the alliance between Turkey and the U.S. Some pundits emphasized the various disagreements between the two countries to indicate that the alliance has weakened and does not have the same strategic weight it used to have in previous decades.
The behavior of the great powers in the international system, emerging threats to international security, declining expectations from international organizations, surfacing nationalism and protectionism and arising trade wars all signal that something is approaching or the world is quickly approaching a point of total disarray.
It was in October 2011 that then-U.S. Secretary of State Hillary Clinton wrote an op-ed in Foreign Policy Magazine describing the orientation of the new U.S. foreign policy..
Although not many people consider an armed confrontation between superpowers to be likely today, nobody is ignoring the increasing tension among them due to significant disputes in different areas.
The world powers are stuck in domestic and foreign crises, struggling to deal with rising problems and damaging the balance in world politics
The spreading disorder in Europe has recently haunted France, putting the country's democracy to a huge test and alarming after EU states as well
The global political economic system was established with the Bretton Woods institutions, namely the International Monetary Fund (IMF) and the World Bank, in 1944, just before the establishment of the United Nations.
The G20 is at risk of resembling other similar organizations that have been proven to be ineffective and dysfunctional in almost all kinds of global challenges
The future of the YPG is the top priority for Ankara since the beginning; therefore, unless the U.S. stops challenging Turkey on this matter, their bilateral relations can never get back on track
The trajectory of the U.S.' approach to Russia and the incoherence of Washington's Russia policy suggest that under these circumstances, all options are on the table for the future of U.S.-Russia relations
