Council of Foreign Relation's Michael Froman Talks Trump/Xi Summit | Bloomberg Talks

US-China relations currently exist in a state of strategic stability marked by deep underlying tensions and a shift toward selective decoupling. While China remains a formidable peer competitor, its long-term trajectory faces significant hurdles, including demographic decline and an export-led economic model that is losing momentum. The United States is prioritizing supply chain resilience, particularly regarding critical minerals and pharmaceuticals, acknowledging that this transition toward diversification will likely result in higher consumer prices. Meanwhile, the global trade landscape is fragmenting; while many nations continue to pursue integration, the U.S. increasingly utilizes tariffs to address overcapacity and national security concerns. Expectations for high-level diplomatic summits remain modest, with focus shifting toward managing systemic competition rather than returning to the traditional diplomatic frameworks of the past.