Who gains from a trade war with China? At the Asia Pacific Economic Cooperation summit meeting in Peru over the weekend, one of the biggest questions was whether Donald J. Trump, as the next president, would stick to his threat to erect steep trade barriers against Beijing, dragging the United States into a tit-for-tat confrontation with the world’s second-largest economy. No such war has begun, yet it seems clear that the United States has already lost. China has been steadily gaining in the global economic system.
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