Introduction
Donald Trump’s election as U.S. president threatens to upend the world’s most important bilateral relationship. On the campaign trail, Trump promised to label China a currency manipulator and to respond to its “theft of American trade secrets” and “unfair subsidy behavior” by levying a 45 percent tariff on Chinese exports. As president-elect, he reversed four decades of U.S. policy when he spoke by telephone with Taiwanese President Tsai Ing-wen and declared that the United States was not bound by the “one China” policy, the diplomatic understanding that has underpinned Washington’s approach to Beijing since 1979.
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