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With deep structural problems afflicting the US-China relationship, Asia must take the lead in charting a future that maintains peace and prosperity in the region.
While the Biden administration made strides in Asia in 2023, a confluence of factors could stymie Washington’s momentum in the region in 2024, writes Ryan Hass (Brookings).
If China makes trade concessions to US in the face of strong domestic opposition, it ‘would risk a potentially destabilising domestic backlash’, according to a PIIE study that cites ‘worrying implications’ for open trade.
22 January 2021 Authors: Nguyen Khac Quoc Bao and To Cong Nguyen Bao, UEH A surge in exports is a major factor in 2.91 per cent GDP growth that Vietnam experienced in 2020. Strong trade and economic growth are a result of the country’s successes in controlling COVID-19 and the rapid execution of balanced support packages for its economy. There was a record overall trade surplus of US$19.1 billion in 2020. The United States and China are the two largest export markets, by 24.5 per cent and 17.1 per cent respectively over this period, with total trade of US$76.4 billion and USD 48.5 billion. ...