August 30, 2023
As China Tensions Bubble, a New Economic Weapon of Choice Has Emerged
U.S. Commerce Secretary Gina Raimondo’s trip to China this week underscores an important shift in how Washington is engaging with the world. After decades of U.S. policy aimed at ensuring open market access, “de-risking” the U.S. economy from China has become the animating principle of Congress and the White House. The U.S. government’s economic tools of coercion are evolving to effect this outcome, from a historic reliance on sanctions to a new economic weapon of choice: export controls.
The Russia export restrictions epitomize the highs and lows of this new regime.
The shift is not academic. Export controls were traditionally important mainly to providers of defense components that were deemed “dual use,” or valuable for both civilian and military applications. Now, export controls will impact a vast new set of companies. Businesses will need to overhaul their Washington engagement strategies to navigate this new dynamic.
Read the full article from Barron's.
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