America Has Lost Its Leverage Over China
Taiwan
The past year of U.S.-Chinese relations has been extraordinary and head-spinning. In the spring of 2025, U.S. President Donald Trump imposed a de facto trade embargo on China, a measure swiftly reciprocated by Beijing. Months later, he was touting a “G-2” partnership between the two countries. In recent weeks, Trump has both invited Chinese warships to the Strait of Hormuz and threatened to strike China-bound oil tankers passing through it. But the world’s most important bilateral relationship
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