Opinion | In a globalised world, the US and China must build bridges, not walls
Far from being a victim, the US has been a beneficiary of globalisation. It must abandon zero-sum thinking and focus on its comparative strengths
In recent years there has been a troubling resurgence of unilateral measures – tariffs, sanctions and such.
Amid this turbulence, one fact remains constant: China and the United States, as the world’s two largest economies, have a shared responsibility to lead the way towards global stability, prosperity and peace.
In 2024, the US recorded a services trade surplus of nearly US$300 billion, and this excludes contributions by branches of US multinationals abroad. Moreover, advantages like the seigniorage earned from issuing dollar notes, overseas investment returns and the capacity to attract global talent – about 60 per cent of Nobel laureates work in the US, for example – reflect the US’ privileged position in the international system.
Far from being a victim of globalisation, the United States has been one of its greatest beneficiaries. In truth, the only area where the US runs a consistent trade deficit is goods – and this was never an accident.