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Adam Tooze: When National Security Trumps All

How the reordering of U.S. state concerns could threaten the world economy as we know it.

By , a deputy editor at Foreign Policy.
A Chinese flag flies outside a compound in Beijing to illustrate a story about how tensions between the U.S. and China threaten the global economy.
A Chinese flag flies outside a compound in Beijing to illustrate a story about how tensions between the U.S. and China threaten the global economy.
A Chinese flag flies outside a compound in Beijing on April 30, 2017. Greg Baker/AFP via Getty Images

The Biden administration has pursued a variety of policies to reduce the entanglement of the U.S. and Chinese economies—a goal variously referred to as derisking, decoupling, and reshoring. The measures include subsidies to relocate manufacturing as well as energy and transportation infrastructure and rules to reduce investments in China. But the broader strategy behind these policies has only more recently come into view. Last week, Treasury Secretary Janet Yellen gave a speech trying to clarify the terms of the new rivalry with China and set boundaries for it. This week, National Security Advisor Jake Sullivan gave a similarly programmatic speech of his own. Whether the administration has fully resolved the ambiguities of its preferred relationship to China is another question.

Cameron Abadi is a deputy editor at Foreign Policy. Twitter: @CameronAbadi

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