The G20 and the cold war in technology

Michael Roberts Blog

Last weekend’s G20 summit in Osaka resolved nothing substantial in the ongoing trade and technology war that the US is now waging with China. At best, a truce was agreed on any further escalation in tariffs and other measures against Chinese tech companies.  But there was no long-lasting agreement reached.  And that’s because this is a ‘cold war’ between a relatively declining economic power in the US and a new and dangerous rival for economic supremacy, China.  Just like the last ‘cold war’ between the US and the USSR, it could last a generation or more before a winner emerges – and the odds are against the US this time, the longer the cold war lasts.

At the G20, Trump and Xi agreed a truce on existing tit-for-tat measures and will renew ‘negotiations’.  Trump made a few concessions, allowing US companies to resume selling products to Huawei. So, presumably, Google…

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