“The trick for Congress is to moderate its pugnacity with an appreciation for how critically intertwined we are with China, particularly economically. This fact is what makes Cold War analogies so foolish. The Soviet Union was never meaningfully integrated into the world’s economy. In contrast, last year the US and China set a new record for trade, totaling $690 billion. If that trade were eliminated, the shock to our economies in terms of unemployment and inflation would exceed that of the Covid era. Our allies are even more enmeshed. Germany, so critical to economic stability in Europe and the campaign to support Ukraine, is China’s largest trading partner.” – Jim Himes Continue Reading →
