America and China are on a collision course
Nouriel Roubini | Roubini Macro Associates | 30 May 2023
Following the May G7 summit in Hiroshima, US President Joe Biden claimed that he expects a “thaw” in relations with China. Yet despite some recent official bilateral meetings – with US Secretary of the Treasury Janet Yellen expressing hopes for a visit to China soon – relations remain icy.
In fact, far from thawing, the new cold war is getting colder, and the G7 summit itself magnified Chinese concerns about the United States pursuing a strategy of “comprehensive containment, encirclement, and suppression”. Unlike previous gatherings, when G7 leaders offered mostly talk and litt...