The China-U.S. Trade War and Future Economic Relations
The China-U.S. Trade War and Future Economic Relations

Author: Lawrence J. Lau

Publisher: The Chinese University Press

Published: 2018-12-14

Total Pages: 216

ISBN-13: 9882371124

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The relation between China and the United States is arguably the most important bilateral relation in the world today. The U.S. and China are respectively the largest and the second largest economies in the world. They are also respectively the largest and the second largest trading nations in the world as well as each other’s most important trading partner. If China and the U.S. work together as partners towards a common goal, many things are possible. However, there exist significant friction and potential conflict in their economic relations. The large and persistent U.S.-China bilateral trade deficit is one of the problems. It is essential to know the true state of the China-U.S. trade balance before effective solutions can be devised to narrow the trade surplus or deficit. The impacts and potential impacts of the 2018 trade war between China and the U.S. on the two economies are analysed and discussed. The longterm forces that underlie the economic relations between the two countries beyond the 2018 trade war are examined. In this connection, how a “new type of major-power relation” between the two countries can help to keep the competition friendly and avert a war between them is explored. ~~~~~~~~ Lawrence J. Lau’s timely The China-U.S. Trade War and Future Economic Relations is full of careful analysis, penetrating insight and helpful suggestions from the world’s preeminent economist on this relationship. —Michael J. Boskin Tully M. Friedman Professor of Economics, Stanford University Former Chair, U.S. President’s Council of Economic Advisers This sober and systematic study of U.S.-China trade relations and of technological development in the two countries is particularly timely. Lawrence Lau is one of the world’s foremost economists working on these issues. —Dwight H. Perkins Harold Hitchings Burbank Professor of Political Economy, Emeritus Former Chair, Department of Economics, Harvard University This is a timely and penetrating analysis of the China-U.S. trade and economic relations, from its origins to its impacts and to a way forward. —Yingyi Qian Chairman of the Council, Westlake University Former Dean, School of Economics and Management, Tsinghua University Counsellor of the State Council, People’s Republic of China Lawrence Lau’s book on the current U.S.-China trade war is insightful, balanced and comprehensive; rich in data on trade, investment, science and technology. It is essential reading for anyone who wants to get past the headlines. —A. Michael Spence Nobel Laureate in Economic Sciences (2001) Senior Fellow, The Hoover Institution, Stanford University Lawrence Lau brings light in the form of rigorous honest fact-based economic analysis to a subject where most of the discussion has been heated bluster, false claims, and political rhetoric. —Lawrence H. Summers Former U.S. Secretary of the Treasury; Former President, Harvard University There is no topic more important, or more timely, or more urgent, than the China-U.S. trade war. Professor Lau is the ideal person to write about the implications of the China-U.S. trade war and the proposed resolution. —Tung Chee-Hwa Vice-Chairman, Chinese People’s Political Consultative Conference National Committee Chairman, China-U.S. Exchange Foundation The history of Sino-American relations, to a great extent, has been a shared history. Lawrence Lau’s timely and penetrating study will tell us it is still in best interest for both countries if they continue to pursue a shared journey and destination instead of parting ways. —Xu Guoqi Kerry Group Professor in Globalization History, The University of Hong Kong Author of Chinese and Americans: A Shared History This beautifully composed book uses nontechnical language to unravel the intricacies of the 2018 U.S.-China trade war, together with its long-term impact. I learned a lot from reading it. —Chen-Ning Yang Nobel Laureate in Physics (1957)

China, Trade and Power: Why the West’s Economic Engagement Has Failed
China, Trade and Power: Why the West’s Economic Engagement Has Failed

Author: Stewart Paterson

Publisher: London Publishing Partnership

Published: 2018-10-18

Total Pages: 175

ISBN-13: 1907994823

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From a Western point of view, the policy of economic engagement with China has failed. A rapid rise in living standards in China has helped legitimize and strengthen the Chinese Communist Party’s power. How did Western, market-orientated, property-owning, liberal democracies go from being in a position of complete global hegemony in the early 1990s to the current crisis of confidence and loss of moral foundation? This book tells the story of the most successful trading nation of the early twenty-first century. It looks at how the Communist Party of China has retained and cemented its monopoly on political power since China’s accession to the World Trade Organization in December 2001. It is the most extraordinary economic success story of our time and it has reshaped the geopolitics not just of Asia but of the world. As China has come to dominate global manufacturing, its economic power has been translated into political power, and the West now has a global rival that is politically antithetical to liberal values. The supply-side deflation from allowing 750 million low-cost workers into the global trading system combined with the policy of inflation targeting by Western central banks has led to falling real incomes for many in the West and rising asset prices that have benefited the few. Worse still, China’s mercantilist model is now held up as a viable economic alternative. To have a fighting chance of protecting the freedoms of liberal democracies, it is of the utmost importance that we understand how the policy of indulgent engagement with China has affected Western society in recent years. Only then can the global trading system be reoriented for the mutual benefit of all nations.

Schism
Schism

Author: Paul Blustein

Publisher: McGill-Queen's Press - MQUP

Published: 2019-09-10

Total Pages: 249

ISBN-13: 1928096867

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China's entry into the World Trade Organization (WTO) in 2001 was heralded as historic, and for good reason: the world's most populous nation was joining the rule-based system that has governed international commerce since World War II. But the full ramifications of that event are only now becoming apparent, as the Chinese economic juggernaut has evolved in unanticipated and profoundly troublesome ways. In this book, journalist Paul Blustein chronicles the contentious process resulting in China's WTO membership and the transformative changes that followed, both good and bad - for China, for its trading partners, and for the global trading system as a whole. The book recounts how China opened its markets and underwent far-reaching reforms that fuelled its economic takeoff, but then adopted policies - a cheap currency and heavy-handed state intervention - that unfairly disadvantaged foreign competitors and circumvented WTO rules. Events took a potentially catastrophic turn in 2018 with the eruption of a trade war between China and the United States, which has brought the trading system to a breaking point. Regardless of how the latest confrontation unfolds, the world will be grappling for decades with the challenges posed by China Inc.

The U.S.–China Trade War
The U.S.–China Trade War

Author: Louisa Ha

Publisher: MSU Press

Published: 2022-04-01

Total Pages: 197

ISBN-13: 162895454X

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Drawing on data from three national surveys, three content analyses, computational topic modeling, and rhetorical analysis, The U.S.–China Trade War sheds light on the twenty-first century’s most high-profile contest over global trade to date. Through diverse empirical studies, the contributors examine the effects of news framing and agenda-setting during the trade war in the Chinese and U.S. news media. Looking at the coverage of Chinese investment in the United States, the use of peace and war journalism frames, and the way media have portrayed the trade war to domestic audiences, the studies explore how media coverage of the trade war has affected public opinion in both countries, as well as how social media has interacted with traditional media in creating news. The authors also analyze the roles of traditional news media and social media in international relations and offer insights into the interactions between professional journalism and user-generated content—interactions that increasingly affect the creation and impact of global news. At a time when social media are being blamed for spreading misinformation and rumors, this book illustrates how professional and user-generated media can reduce international conflicts, foster mutual understanding, and transcend nationalism and ethnocentrism.

How Trade with China Threatens Western Institutions
How Trade with China Threatens Western Institutions

Author: Robert Gmeiner

Publisher: Springer Nature

Published: 2021-07-12

Total Pages: 293

ISBN-13: 3030747093

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This book evaluates the institutional environments of China and the United States, and the West more broadly, and how they affect their trading relationship, with specific emphasis on intellectual property theft and other allegations of unfair competition. The economic and political characteristics of the two countries affect the balance of power in their trading relationship, with ramifications far beyond jobs and output. The major theme is China’s ability to free ride on Western institutions through intellectual property theft and extortion. This free riding is far more than just infringing patents and reaping profits; it creates a combination of incentives for political pressures in the West that diminish the free market and liberal Western values. The result is the classic result of free riding – underprovision, or degeneration, of the Western institutions that made the West prosperous and free. At the same time, China’s economic might, military prowess, and global soft power increase, often with deleterious effects for freedom and free markets. This book is distinctive because it integrates public choice ideas about economic institutions, state action, and strategic behavior into international trade. It also takes account of the economic characteristics of China and the West and explains why they present a situation that is fundamentally different from other trade disputes. Institutions and political influence are central to this book’s analysis of trade, which can be more dangerous and more disguised than the welfare gains from trade. Providing a concise and lucid distillation of pressing issues, this book is critical reading for scholars studying trade with China and its effects on both global and Western innovation, economic output, soft power, and freedom more broadly.

America's China Trade in Historical Perspective
America's China Trade in Historical Perspective

Author: Ernest R. May

Publisher: Harvard Univ Asia Center

Published: 1986

Total Pages: 420

ISBN-13: 9780674030756

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This volume explores commercial relations between the United States and China from the eighteenth century until 1949, fleshing out with facts the romantic and shadowy image of "the China trade." These nine chapters by specialists in the field have developed from papers they presented at a conference supported by the national Committee on American-East Asian Relations. The work begins with an Introduction by John K. Fairbank, then moves on to analysis of the old China trade up to the American Civil War, centering on traditional Chinese exports of tea and silk. A second section deals with American imports into China--cotton textiles and textile-related goods, cigarettes, kerosene. Finally, the impact of the trade on both countries is assessed and the operations of American-owned and multinational companies in China are examined. For both the United States and China, the economic importance of the trade proves to have been less than the legend might suggest.

US-China Trade Disputes
US-China Trade Disputes

Author: Gary Clyde Hufbauer

Publisher: Peterson Institute for International Economics

Published: 2006

Total Pages: 148

ISBN-13:

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As China continues its rise as a great power, The United States Congress and the administration wrestle with one another over the strategies to shape US-China economic relations. What major disputes now, and looming on the horizon, will shape future US-China relations? This book examines these issues and offers suggestions for both sides.

China, The United States, and the Future of Latin America
China, The United States, and the Future of Latin America

Author: David B. H. Denoon

Publisher: NYU Press

Published: 2017-10-24

Total Pages: 430

ISBN-13: 1479890332

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Provides insight into U.S. and Chinese involvement in aid, trade, direct investment and strategic ties in Latin America In recent years, China has become the largest trading partner for more than half the countries in Latin America, and demonstrated major commitments in aid and direct investment in various parts of the region. China has also made a number of strategic commitments to countries like Nicaragua, Cuba, and Venezuela which have long-standing policies opposing U.S. influence in the region. China, the United States, and the Future of Latin America posits that this activity is a direct challenge to the role of the U.S. in Latin America and the Caribbean. Part of a three-volume series analyzing U.S.-China relations in parts of the world where neither country is dominant, this volume analyzes the interactions between the U.S., China, and Latin America. The book series has so far considered the differences in operating styles between China and the U.S. in Central Asia and Southeast Asia. This third volume unpacks the implications of competing U.S. and Chinese interests in countries such as Brazil and Argentina, and China’s commitments in Nicaragua and Venezuela. This volume draws upon a variety of policy experts, focusing on the viewpoints of South American and Caribbean scholars as well as scholars from outside states. China’s new global reach and its ambitions, as well as the U.S. response, are analyzed in detail.A nuanced examination of current complexities and future implications, China, the United States and the Future of Latin America provides readers with varied perspectives on the changing economic and strategic picture in Latin America and the Caribbean.

The State Strikes Back
The State Strikes Back

Author: Nicholas R. Lardy

Publisher: Peterson Institute for International Economics

Published: 2019-01-01

Total Pages: 251

ISBN-13: 0881327387

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China's extraordinarily rapid economic growth since 1978, driven by market-oriented reforms, has set world records and continued unabated, despite predictions of an inevitable slowdown. In The State Strikes Back: The End of Economic Reform in China?, renowned China scholar Nicholas R. Lardy argues that China's future growth prospects could be equally bright but are shadowed by the specter of resurgent state dominance, which has begun to diminish the vital role of the market and private firms in China's economy. Lardy's book arrives in timely fashion as a sequel to his pathbreaking Markets over Mao: The Rise of Private Business in China, published by PIIE in 2014. This book mobilizes new data to trace how President Xi Jinping has consistently championed state-owned or controlled enterprises, encouraging local political leaders and financial institutions to prop up ailing, underperforming companies that are a drag on China's potential. As with his previous book, Lardy's perspective departs from conventional wisdom, especially in its contention that China could achieve a high growth rate for the next two decades—if it reverses course and returns to the path of market-oriented reforms.