KISHORE MAHBUBANIDistinguished Fellow at the Asia Research Institute, National University of Singapore, and author of the book Has China Won?Here’s a dream scenario for 2021. Joe Biden stuns the world by announcing a total suspension of the trade war with China, with a reciprocal rollback of all tariffs. The markets jump with exhilaration. China, which now has the world’s largest retail goods market (US$6 trillion, compared with US$5.5 trillion for the US), “arranges” an import surge from the…


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