What are people talking today
- It Is Time to Abandon Dollar Hegemony
Simon Tilford & Hans Kundnani | Foreign Affairs
Dollar hegemony isn’t foreordained. For years, analysts have warned that China and other powers might decide to abandon the dollar and diversify their currency reserves for economic or strategic reasons. To date, there is little reason to think that global demand for dollars is drying up. But there is another way the United States could lose its status as issuer of the world’s dominant reserve currency: it could voluntarily abandon dollar hegemony because the domestic economic and political costs have grown too high.
- There's no Cold War with China — and if there were, we couldn't win
Dan Coats | Washington Post
This is by no means to question the need to respond to increasingly aggressive behavior by China. But the U.S. response must be coherent, disciplined and sophisticated. It must balance capabilities and objectives. Reverting to a Cold War mentality will drive us toward belligerent posturing that has little or no chance of changing Chinese behavior and could, on the contrary, provoke overreactions and dangerous miscalculations on both sides.
- Senate Republicans' China Policy Is Better Than Trump's
Hal Brands | Bloomberg
The Strengthening Trade, Regional Alliances, Technology, and Economic and Geopolitical Initiatives Concerning China Act is one of those bills with a ghastly name that produces a nifty acronym. Although the bill nominally aligns with President Donald Trump’s agenda, it appears to have been born of frustration with his policies.
- The US has more to gain from WTO reform than just punishing China
Marc L. Busch | The Hill
Tomorrow, the Senate Finance Committee will hold hearings on how to reform the World Trade Organization (WTO). If the past is any guide, the hearings will quickly devolve into a debate about China. This will make for good political theatre. But does Congress really understand the WTO’s “China problem”? And will fixating on it undermine the prospects for WTO reform? China is undeniably relevant, but it isn’t the whole picture.
- Cyber security: why we have to coexist with China
Yuan Yang | Financial Times
The rationale for US bans began as a data security concern: if we can’t trust the Chinese government, we can’t trust Chinese companies with our data. As a first approximation, it’s true that if you don’t trust a vendor, you shouldn’t use it: just don’t go there. But cyber security consultants would tell you that if you give impractical advice, employees won’t follow it.
Avoiding China is impractical. Ripping out all of Huawei’s equipment from the world’s networks is costly, and Chinese groups would still remain part of the global telecoms supply chain.