![]() Other countries are also pulling up the drawbridges-all leery that today’s unprecedented level of economic integration has gone too far, bringing more pain and less gain. Europe, too, is increasingly talking of rolling back the deep trade and investment ties it has developed with Beijing in recent decades (even as it is cutting trade ties with itself, as the United Kingdom leaves the European Union). It’s not just economic ties between China and the United States that are in danger. companies, even pulling out of the World Trade Organization altogether, which is seen by some as facilitating China’s so-called economic imperialism. Now, lawmakers and administration officials are mulling a raft of measures to cleave parts of the two largest economies in the world: Bans on a wide variety of sensitive exports, additional tariffs on Chinese goods, forced reshoring of U.S. reliance on Chinese factories, firms, and investment was always the end game of the endless trade war-even before the coronavirus pandemic turbocharged Washington’s desire to disentangle itself from what many view as a dangerous economic bear hug. And, as in the 1930s, economic decoupling is all the rage.įor the more hawkish members of the Trump administration, undoing 40 years of ever-closer economic relations with China and rolling back U.S. Today, American policymakers are consumed by the economic and geopolitical confrontation with another Asian heavyweight. Six years after Grew wrote his dispatch, the two countries were engaged in total war. Within a few years, the United States ramped up economic pressure on Japan, culminating in a trade and oil embargo. ![]() The White House, consequently, was deaf to the Ambassador Joseph Grew’s pleas from Tokyo in 1935. ![]() But Washington was in the grip of economic nationalists battling a historic economic downturn. Give them some “economic elbow-room,” or they’ll be forced to carve out an economic empire of their own by force. ambassador on the spot in an Asian economic powerhouse put it bluntly in a cable to the secretary of state in Washington: Don’t cut them off.
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