“Partial” US-China Decoupling: Bilateral Trade and Direct Investment Dynamics, 2017–2024

In 2017–2024 the United States pursued a policy of “decoupling”, seeking to reduce the risks arising from close economic integration with China. There are signs of a decline in US imports from China, especially in electronics, and of a reduction in the outflow of US FDI into the Chinese economy. However, although the share of Chinese products on the American market decreased somewhat due to an increase in imports from other countries, China remained the most important supplier of high-tech goods to the United States and the most important sales market for U.S. companies. At the new stage of the bilateral trade war the situation may change drastically; new mutual restrictions could lead to a reorientation of trade and FDI flows to third countries.