The conflict between the United States and China is growing as both countries’ foreign policies are hampered by their domestic politics.
And if the US abandons its leadership role as a global superpower, it will inevitably undermine the existing international order. Indeed, conflicts in Ukraine and Gaza continue to rage with no end in sight, and in Asia tensions remain high in the Taiwan Strait and the Korean Peninsula.
The US is connected to the global economy through intra-industry trade based on global value chains (GVCs). Former President Donald Trump refused to believe that the rules set by multilateral agreements such as the Trans-Pacific Partnership (TPP) were in America’s interest and there was hope that President Joe Biden would bring some stability to US trade relations.
