You really don’t want to see real economic decoupling

Even the global supply chain seems relatively unaffected by the trade war. According to a survey conducted by the US-China Business Council, 87 percent of its members reported no plans to relocate any of their production activities away from China. Chinese rare earths have not been withheld from the United States; numerous Chinese threats against US companies have not been carried out. I raise these points not to minimize the costs to date, but rather to stress that genuine decoupling would have far greater effects on the global political economy than what we have witnessed over the past 18 months.