World Perspectives

De-Risking and Food

The Biden Administration went through a rapid succession of descriptors for its trade policy toward China before settling on de-risking. It initially called for decoupling but switched to re-shoring. This upset allies and so next it tried friend-shoring. It has stuck with de-risking for a while now and it has influenced trade flows. Imports from China have declined, with substitution particularly from Vietnam and Taiwan. Some argue that China’s exports to Mexico, Vietnam and other countries have surged and that U.S. imports continue from China but in an indirect form.  What is striking is how U.S. imports from some of the same trading partners have changed over the period. Keeping in mind that U.S. food imports from many of thes...

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