Home Economy Opinion | The United States and China are locked in a Cold...

Opinion | The United States and China are locked in a Cold Peace

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The Soviet Union barely existed on the economic map of the free world. It presided over a tightly controlled economic bloc of communist countries that had few connections — in trade or travel — with the rest of the planet. Mostly, its economy was about resources — oil, gas, nickel, copper, etc. China, by contrast, is deeply integrated into the world economy. It is now the world’s leading trading nation in goods. Twenty years ago, the vast majority of countries traded more goods with the United States than with China. Today, it has flipped. Last year, China replaced the United States as the European Union’s largest trading partner in goods.

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