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Let's be clear: the US and China are not in a new Cold War. For some time, China hawks in the Trump and Biden administrations, along with members of Congress, have been pushing for the US economy to "decouple" from China, especially on tech. They have failed in many sectors. Despite political pressure in Washington, an ongoing trade war, and both countries preoccupied with domestic crises, the reality is that over the past two years the world's two largest economies have become more integrated — especially on global supply chains. We take a look at US-China annual trade levels since 2015.