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China–US Trade Frictions Shaping New Equilibriums with the EU and the US

World Scientific

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- Size: 23.5 (L) x 15.7 (W) cm

- Binding: Hardcover, 396 pages

- Language: English

- Author: Xugang Yu, Mario Tettamanti and Cristiano Rizzi

- Publisher: World Scientific Publishing Co. Pte. Ltd., 2021

This book shows the impact of the recent trade tensions between China and the US on the world trade order, and how parties have reached a deal (so called "phase one", January 2020), which could lead to a more comprehensive agreement, and the consequences of these "adjustments" in shaping new equilibriums.

After 40 years, China has transformed into an economic superpower, which could now rival the US. This has evoked some concerns, and put the US in an uncomfortable position, as the US views the rise of China as a threat to its predominance and interests. However, China's development and its increasing economic power, which is a direct consequence of the ongoing reform process, is unstoppable.

The confrontation between China and the US will favor Chinese expansion into the EU not only because the EU offers a more receptive environment for Chinese Foreign Direct Investment, but also because the EU and China have more in common if we consider the Belt And Road Initiative and the new bilateral investment agreement which is under negotiation. The EU, not only represents the final destination of the BRI, but also a more logical and convenient trade partner for China.

The shift of Chinese attention toward the EU will also change the equilibrium between China, the EU and the US, bring forth the negotiation of new trade agreements, and move the entire international community towards a new world trade order and a new multilateralism which might evolve into a tripolarism.