Basically the entire developed world has been in trade deficit with China for 2 decades now. The reality, which is slowly dawning on western countries, is that China has secured leverage – economically, financially, and in supply chains – worldwide. But this leverage all exists within the confines of globalization, and globalization is at odds with geopolitical discord, be they hot wars, cold wars, or simply the slow retreat to protectionism (and divestment to other rising powers like India) that US and some western allies are making. The world needs China, but China also needs the status quo to hum along.