China-US relations improve
US Commerce Secretary Gina Raimondo said in a recent interview with the Wall Street Journal that she wanted to improve US trade ties with China. To this end, Raimondo intends to lead US business delegations to China and has identified technology to tackle climate change as a possible area of fruitful China-US co-investment.
Research by two American economists (Samantha Vortherms of the University of California and Jiakun Jack Zhang of the University of Kansas) found that the US-China tariff war did not discourage American companies to invest $ 144.4 billion in the chinese market only in 2020 and that since 2018 there has been a 48% increase in the subsidiaries of American companies in China.
China imports mainly food and energy products from the US (liquefied gas, LNG), while the US imports consumer goods, rare earths (cobalt, lithium and nickel) necessary for the technology sector from China.
Finally, another symptom of the detente of US-China relations is represented by the recent diplomatic success that allowed the release of the financial director of Huawei Meng Wanzhou, arrested in Canada in 2018 on a mandate from the USA on charges of banking fraud and conspiracy (corporate, government and users apparatuses espionage).
However, this new climate of detente must be read in contrast with the new geopolitical balances in the Indo-Pacific area, where recently US President Joe Biden, British Prime Minister Boris Johnson, and Australian Prime Minister Scott Morrison announced a new Military Pact (AUKUS) aimed at ensuring a "free and open Indo-Pacific". Chinese foreign ministry spokesman Zhao Lijian said that this "seriously undermines regional peace and stability."