Economic Interaction Between the People's Republic of China and the United States of America in Global Value Chains Within the Framework of Trade Confrontation

The relevance of the paper is determined by the growing trade conflict between the world's largest economies, which disrupts established value chains and causes changes in the global economy. The aim is to analyse the impact of the trade conflict on the participation of China and the US in the Global Value Chains (GVCs) and to assess the consequences of protectionist policies on bilateral trade. The study solves the tasks of analysing the theoretical foundations of the GVCs, studying the dynamics of trade interaction between the countries, and identifying the changes caused by trade restrictions. The scientific and practical significance of the work lies in assessing the impact of trade confrontation on global economic processes and identifying changes in the structure of international trade, which can be useful for the development of international trade strategies. The conclusion is drawn about the negative impact of trade standoffs on the dynamics of bilateral exports as well as intra-GVC trade (by estimating the dynamics of the GVCs Participation Index for exports for 2000, 2007-2022) and the continued importance of the US-China economic relationship, especially within the GVCs. The novelty of the study lies in the fact that it analyses long-term changes in the structure of the GVCs and assesses the implications of the policy of ‘decoupling’ economies for global trade processes.

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