China Doesn’t Hold Upper Hand Versus US, Biden Official Says

It will take “a generation” to diversify some of the US dependency on China for rare earths and other segments of global supply chains, but that doesn’t mean Beijing holds the economic upper hand over Washington, former US Deputy Secretary of State Kurt Campbell said.

“There are certain areas where China could do enormous damage to American manufacturing and high-tech, but it’s also the case that the US can take actions that would really impact the Chinese economy,” Campbell said in an interview with Bloomberg Television on Wednesday.