The US-China trade war seems to have subsided – but the sense of calm is misleading
Summary
The United States and China have eased their tariff fight under a trade truce, but both countries continue to compete over supply chains and strategic technologies. The article says export controls and China’s restrictions on critical minerals could intensify the conflict, which both governments treat as a national security priority.Key Facts
- Washington and Beijing reached a trade truce last year and extended it until next January.
- The truce halted the escalation of reciprocal tariffs and left open the possibility of a future trade deal.
- The United States has expanded restrictions on technology exports, investment, and technology transfers to China.
- Jake Sullivan described the Biden administration’s approach as a “small yard” of restricted technologies surrounded by a “high fence” of controls.
- China dominates the supply of some critical minerals used in civilian and military high-tech industries.
- China restricted exports of rare earths and related magnets in retaliation for U.S. tariffs and limits on Chinese access to advanced semiconductors and chipmaking equipment.
- China has relaxed some export controls but maintains other restrictions, which it has also used against countries over policies it opposes.
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