The US has reaped substantial benefits from increased trade with China in the two decades since Chinawas granted Permanent Normalized Trade Relations (PNTR) status upon accession to the World TradeOrganization (WTO).1 The tariffs imposed by the Trump administration in 2018 using Section 301 of the1974 Trade Act reversed the decades-long trend of greater US-China trade integration and, according to multiple assessments, including a previous study by Oxford Economics in 2021, hurt US output and
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