In some technological arenas over the last few years, China has advanced to the forefront and become a major equipment supplier, while America has lagged. 5G technology is a marquee example of this shift. The focus on Huawei belies larger concerns within Washington: “dual use” military/civilian technologies and the specter of tech arenas where China is achieving parity, if not outright supremacy, in the coming years.
Yet the fact remains that the U.S. and Chinese economies are highly intertwined, with companies on either side of the Pacific relying on the customers or components of those on the other. A new technology Cold War, if it were to develop further, could impact both countries negatively, as well as all the other countries depending on them for growth.