The Biden administration is pressing its case for a new approach to global trade, arguing that America’s traditional reliance on promoting free trade pacts failed to anticipate China’s brass-knuckled brand of capitalism and the possibility a major power like Russia would go to war against one of its trading partners.
In a speech Wednesday at American University, U.S. Trade Representative Katherine Tai is calling for a strategy of what's known as “friend-shoring’’ — building up supply chains among allied countries and reducing dependence on geopolitical rivals such as China. Rising tension with Beijing and supply-chain bottlenecks arising from the COVID-19 pandemic have highlighted the risks of relying too heavily on Chinese suppliers.
