SINGAPORE – Every new restriction on trade between the United States and China is supposed to pull the two economies apart—or so we are told. But the global economy refuses to cooperate with the conventional wisdom. In fact, each round of tariffs, export controls, and investment screening has been accompanied by more of the investments that cement the Sino-American economic relationship. Until policymakers recognize this paradox, talk of “decoupling” will describe a world that does not exist.

© Project Syndicate