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By 2017, the imposition of [[tariff]]s by U.S. President [[Donald J. Trump]] began to redress the imbalance of a half-trillion dollar a year [[trade deficit]] and the outflow of American wealth to China. China's economy was developed over those early decades of the 21st century as a coastal, manufacturing economy entirely dependent on exports. Young people left their home villages in the countryside to seek work in coastal factories. The prosperity was all built on access to the U.S. consumer market, and Americans' appetite for cheap manufactured goods. Scant attention was paid to developing a domestic service sector economy, while the vast interior remained impoverished, and increasingly so as young people abandoned rural agricultural work for urban factory work.
By 2017, the imposition of [[tariff]]s by U.S. President [[Donald J. Trump]] began to redress the imbalance of a half-trillion dollar a year [[trade deficit]] and the outflow of American wealth to China. China's economy was developed over those early decades of the 21st century as a coastal, manufacturing economy entirely dependent on exports. Young people left their home villages in the countryside to seek work in coastal factories. The prosperity was all built on access to the U.S. consumer market, and Americans' appetite for cheap manufactured goods. Scant attention was paid to developing a domestic service sector economy, while the vast interior remained impoverished, and increasingly so as young people abandoned rural agricultural work for urban factory work.
Contrary to Cold War era belief that free trade would encourage non-democratic countries to become more democratic - an argument used to sell globalization - experience ultimately proved free trade only serves to strengthen tyrannical regimes. By 2020, the notion that [[democracy]] and free trade go hand-in-hand had been thoroughly discredited.
Contrary to Cold War era belief that free trade would encourage non-democratic countries to become more democratic - an argument used to sell globalization - experience ultimately proved free trade only strengthens tyrannical regimes. By 2020, the notion that [[democracy]] and free trade go hand-in-hand had been thoroughly discredited.
====Belt and Road Initiative====
====Belt and Road Initiative====