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Outright trade war between the world’s two largest economies would be devastating to the working people of both countries, as well as destructive to the future of the entire world economy. The costs of conflict between China and the United States far outweigh the current causes of dispute in their economic relationship. These costs would be both direct, in terms of short-term losses of growth and employment, and indirect, in terms of long-term damage to the world trading system, diminishing investment and efficiency. There are points of genuine dispute between the United States and China over their economic interaction. Even if their economic significance is often exaggerated, these are legitimate points of contention and have to be addressed in a constructive manner. The analyses in this volume aim to contribute to a more reality-based consideration of both countries’ enlightened self-interests, which would yield progress on points of dispute in a manner consistent with keeping the world economy open for business.

1 Economic Truths Towards Resolving China-US Trade Conflict
Ha Jiming and Adam S. Posen

2 The Accumulating Self-Inflicted Wounds from Trump’s Unilateral Trade Policy
Chad P. Bown

3 US-China Trade Frictions and the Global Trading System
Robert Z. Lawrence

4 Foreign Direct Investment Activity in China’s High-Technology Manufacturing
Mary E. Lovely and Zixuan Huang

5 China and the United States: The Contest for Systemic Leadership
C. Fred Bergsten

6 Prospects for Economic Reform and Medium-Term Growth in China
Nicholas R. Lardy

7 Prospects for Economic Reform and Medium-Term Growth in the United States
Jacob Funk Kirkegaard

8 Market Discipline in Chinese Finance: Getting the Sequence Right
Martin Chorzempa and Nicolas Véron

9 A Stability-Oriented Exchange Rate Policy for China: 2018 Edition
Joseph E. Gagnon