Trade between the US and China has climbed again, but tensions between the two powers have left their mark, experts say. Read more at straitstimes.com.
Increasing climate-related disruptions are also “raising the risks of overconcentrated supply chains in one firm or one geographic area,” said Prof Robert Koopman, a lecturer at American University and a former World Trade Organisation chief economist.
“The recent and Chips Act, and related sanctions are clear indicators of the Biden administration’s efforts to decouple from China” in these areas, said Prof Koopman. It is likely “too early” for definitive comments on industries, but US export controls “are going to force some decoupling” over time in technology or areas where semiconductors are key, Ms Benson said.Prof Lovely of PIIE noted that some business has moved from China to countries like Vietnam or Mexico.
“In Mexico, it’s a different story,” Prof Lovely added. “There has been some Chinese investment, but a lot of it is multinationals who were moving closer to the US.”
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