While the rhetoric will likely change after January 20, there is currently broad bipartisan consensus in Washington and among the general public in the U.S. for an increasingly competitive dynamic with Beijing.

There are some signs both President-elect Biden and Chinese President Xi are seeking to cooperate and reduce tensions. Chinese Foreign Minister Wang Yi’s recent comments to the U.S.-China Business Council calling for resuming dialogue and for U.S. companies to play a larger role in improving bilateral relations seemed to strike a relatively conciliatory tone. 

At the same time, the U.S. still sees China as a major competitive threat, and China still objects to any interference in its “internal affairs.” 

In the final weeks of the Trump administration, we’ve seen more swipes at China— and some expected retaliation.

And Biden has publicly stated he will not move immediately to remove the 25% tariffs on Chinese goods or renegotiate the Phase I trade deal. 

With blacklists, export controls, investment restrictions and transitions creating uncertainties for both Chinese and U.S. companies, we unpack the implications in more detail here.