Samantha Vortherms, UCI, and Jack Zhang, University of Kansas, write: Managing the U.S.-China trade war ranks among the most difficult foreign policy challenges for the Biden administration. Average U.S. tariff levels on Chinese goods increased over six-fold after 2018 and cover two thirds of imports. Most of these new tariffs remain in place even after the signing of the Phase One deal last January, despite protest from the business lobby. At the same time, both the Trump and Biden administrations took steps to restrict inbound Chinese investment and curb high-technology exports to China. ... Yet despite intensifying political hostility between Beijing and Washington and the mounting economic cost of tariffs, Chinese and American businesses remain deeply integrated in terms of financial, knowledge, and production networks. The vast majority of U.S. companies are not embracing the idea of decoupling from China. How are these multinational firms (MNCs) and the global supply chains that link them to China adjusting to the heightened political risks in the era of decoupling?    

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