Opinion | US-China trade rivalry boils down to competition for jobs and prosperity
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The US-China trade rivalry is driven by competition for jobs and prosperity. Both US President Joe Biden and Chinese President Xi Jinping share similar beliefs in seeking to transform their economies. Bidenomics focuses on a worker-centric trade policy that aims to help industries and areas that have suffered from trade-related job declines. Xi's vision for China emphasizes more equitable development and returning more enterprise profits to society. Both leaders aim to bring manufacturing jobs to lagging regions. However, these similar aspirations have led to conflict rather than cooperation. Tensions arise from trade's role in linking both economies and the competition for technological leadership. The decline in US manufacturing employment is due to productivity increases, not China's rise or trade. Punitive tariffs have burdened US consumers and producers. The competition for tech leadership has led to reciprocal punitive actions and security concerns. The lack of trust makes it difficult to address security risks and mitigate them.
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