Who is winning the US-China trade war?

The trade war between the United States and China began in 2018 and has never officially ended. So which side “won” it?

Recent research offers an unambiguous answer: neither. US tariffs on Chinese products have led to higher US import prices in affected product categories, and China’s retaliatory tariffs on US products have ended up hurting Chinese importers. Bilateral trade between the two countries has collapsed. And because the United States and China are the two largest economies in the world, many see this development as a harbinger of the end of globalization.

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