US-China Relations
27. First, the US-China trade conflict over the past year has revealed the underlying differences between the two sides, which include technology matters as well as other more deep-seated considerations. While it would be encouraging if the trade issue could be resolved to some extent, their deep-rooted differences may remain. The fluctuating US-China relations may turn the global economy volatile for some time. Furthermore, trade conflicts will undermine multilateralism and the free trade regime, with far-reaching implications on the global governance system and international order. The future global industry setting will also be changed by the new trade regime and relationship.
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