US President Joe Biden Prefers “Straightforward Competition” With China

According to a report commissioned by the US-China Business Council in January, the trade war has cost the US 245,000 jobs, while lowering tariffs on both sides by 2025 would create 145,000 jobs. According to Oxford Economics, the US GDP will be reduced by $1.6 trillion over the next five years due to a "substantial decoupling" of the economies.