中美“分手了”？美元绑定石油又绑定中国制造，如今却反悔了？

Group 1 - The core of the U.S.-China relationship is characterized by increasing competition across various sectors, yet both nations have refrained from a complete separation despite tensions [1] - The U.S. dollar was established as the dominant currency for global oil transactions in the latter half of the 20th century, which solidified its status as a hard currency and a guarantee for global trade [3] - The late 1990s saw China joining the WTO, leading to a surge in affordable goods flooding the global market, with the U.S. using printed dollars to purchase these goods, creating a closed-loop system where dollars returned to the U.S. through Chinese purchases of U.S. debt [5] Group 2 - Recent years have seen increasing skepticism in the U.S. regarding the costs of its relationship with China, including concerns over deindustrialization, technology outflow, and supply chain concentration, prompting a shift towards higher tariffs and export controls [6] - The U.S. faces challenges in finding an alternative to China for manufacturing, as other countries like India and Vietnam have limitations, and over 70% of industrial intermediate goods still rely on Chinese supply chains [6] - The current global landscape is in a transitional phase, with the old order in decline and a new framework yet to be established, indicating that U.S.-China relations are still in a unique "cooperative" stage despite evolving perceptions [9]