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The U.S. and China are intertwined by trade.
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But leaders in both nations want that to change. In Washington:
“We can’t build a future that’s made in America if we ourselves are dependent on China for the materials that power, the products of today and tomorrow,” Pres. Biden said.
And in Beijing:
“They don’t want to be held hostage by countries like the United States in particular, who they feel are trying to prevent China’s rise,” Willy Shih, professor in the technology and operations management unit at Harvard Business School, says.
And both nations feel they can protect their economic and national security in the same way — by pulling supply chains closer to home.
“Are we less likely to have a military confrontation if we can selectively decouple but keep enough dependency in our systems to avoid the conflict?” Elaine Dezenski asks.
Today, On Point: We take a look at what China calls its “dual circulation strategy,” and Washington calls “decoupling.” Will it work?