The US-China decoupling is slow going but still offers India opportunities
- Global trade patterns suggest a gradual disengagement at best. Indian policymakers, though, are yet to do all they can to help us grab global value chains.
There is mounting evidence that the US is cutting its direct dependence on Chinese imports—to the lowest level in 17 years, by some measures. Mexico and Canada in the middle of this year overtook China as top exporters to the US. This points to both a gradual decoupling of the two largest economies in the world as well as the rise of friend-shoring. But is the story a bit more complicated?