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The Exchange - May 18, 2021

2021-05-18
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  • The G7 meeting in London on May 3 ahead of the summit in Cornwall in June resulted in the attack of China on its various economic and political policies.
  • There is no hegemonic contest between the U.S. and China, but at the UN Security Council meeting convened by China, U.S. Secretary of State Antony J. Blinken said that the United States would “push back forcefully” against breakers of international rules, even as he acknowledged his own country’s violations under the Trump administration. Meanwhile, Foreign Minister Wang Yi accused the U.S. of hypocrisy and of defining international rules in terms designed to assert Western dominance in the world.
  • China's dual circulation economic strategy is effective, and the U.S. will have to shift its focus on economic longevity in order to maintain economic growth now that U.S. Trade Representative Katherine Tai has stated the Biden administration is conducting a "top-to-bottom review" of China trade policy, including the Phase One trade deal with Beijing that expires at the end of 2021.

Read the full report here.

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