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The world's two largest economies China and the United States are engaged in a full-blown trade war, and what U.S. President Donald Trump hoped would be a blitzkrieg has turned out more like trench combat.China joined the World Trade Organization in 2001, the U.S. has taken issue with China's large current-account surplus and the undervalued renminbi.Now, the U.S. has shifted its attention to China's inadequate protection of intellectual-property rights and a policy of appropriating foreign technology in exchange for market access.In fact, the Chinese believe, Trump's trade war effectively proves that China has become a real and present threat to American hegemony.This is not to say that China is not continuing to pursue its plans to open up further.Whether Trump's trade war is about containing China or just about punishing it for its trade practices, the unintended consequence is that China is now fortifying itself for a new era of political and economic challenges.
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