Commentary
Washington has made no secret of its desire to decouple the U.S. economy from China trade—if not completely, then certainly significantly. Recent data shows that the process is proceeding pretty much as Washington wants.
Flows of Chinese goods to the United States have fallen sharply. Of course, the decline in trade is not entirely the result of Washington’s wishes, much less the raft of recent legislation aimed at curtailing America’s involvement in China. The global economic slowdown, as well as the lockdowns associated with Beijing’s zero-COVID policy, have also played a big part in the trade downturn, likely a bigger part than Washington’s policies. Whatever the mix of influences, the trend is significant….