Biden and Xi to Meet at Critical Moment for Strained US-China Economic Ties
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The US and China together produce over 40% of global economic output. Their tensions negatively impact the fragile world economy already battered by crises.
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Hopes are high that Biden and Xi can ease economic tensions at the APEC summit, benefiting the global economy. Preventing further deterioration would be a victory.
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Under Trump, the US and China entered an all-out trade war over China's economic practices. Tariffs remain high under Biden, with both sides retaliating.
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China is angered by US export controls on advanced chips. Both countries increasingly "decouple" from economic reliance on each other.
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Other countries struggle with choosing sides. The IMF says global economic "fragmentation" from US-China tensions causes major losses.