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Commentaries by Stephen Roach

Stephen Roach

Faculty Member, Yale University

Stephen S. Roach is a faculty member at Yale University and former Chairman of Morgan Stanley Asia, is the author of "Unbalanced: The Codependency of America and China".
  • Oct 31 , 2019

    Dealmakers always know when to cut their losses. And so it is with the self-proclaimed greatest dealmaker of them all: US President Donald Trump. Having promised a Grand Deal with China, the 13th round of bilateral trade negotiations ended on October 11 with barely a whimper, yielding a watered-down partial agreement: the “phase one” accord.

  • Oct 02 , 2019

    “Bilateral investment treaty opens up the Chinese market to our multinationals — which we need to do — and provide protection for that, and opens up our market to them. If we can negotiate that, that would be a huge breakthrough.”

  • Sep 27 , 2019

    In the here and now of climate change, it is easy to lose sight of important signs of progress. China, the world’s biggest emitter of greenhouse gases, is a case in point. By changing its economic model, shifting its sources of fuel, developing new transportation systems, and embracing eco-friendly urbanization, China’s sustainability strategy is an example of global leadership that the rest of the world should consider very carefully. In the rush to demonize China over trade, the West has missed this point altogether.

  • Sep 26 , 2019

    The approach to the current China-US disputes by the US administration is counterproductive. The US must not let falsehoods being spread about China interfere with the creation of productive strategies that would better solve these economic issues.

  • Aug 29 , 2019

    This will be the tenth year that I have taught a course at Yale called “The Next China.” The course focuses on modern China’s daunting economic transitions. It frames the moving target that eludes US President Donald Trump’s administration, which is taking dead aim at the Old China (a convenient target for a leader who wants to resurrect Old America). The incoherence of Trump’s trade and economic policies, with all their potentially grave consequences for the global economy, is a destabilizing byproduct of this disconnect.

  • Jun 26 , 2019

    Blinded by a surging stock market and a 50-year low in the unemployment rate, few dare to challenge the wisdom of US economic policy. Instant gratification has compromised the rigor of objective and disciplined analysis. Big mistake. The toxic combination of ill-timed fiscal stimulus, aggressive imposition of tariffs, and unprecedented attacks on the Federal Reserve demands a far more critical assessment of Trumponomics.

  • May 29 , 2019

    “When governments permit counterfeiting or copying of American products, it is stealing our future, and it is no longer free trade.” So said US President Ronald Reagan, commenting on Japan after the Plaza Accord was concluded in September 1985. Today resembles, in many respects, a remake of this 1980s movie, but with a reality-television star replacing a Hollywood film star in the presidential leading role – and with a new villain in place of Japan.

  • May 03 , 2019

    In a rare moment of bipartisan agreement, America’s Republicans and Democrats are now on the same page on one key issue: Blaming China for all that ails the United States. China bashing has never had broader appeal.

  • Feb 25 , 2019

    China has better prospects than the US in a long-term trade war.

  • Nov 26 , 2018

    At a time of ever-escalating threats and counter-threats, the imperative of compromise cannot be understated. The upcoming meeting between Trump and Xi provides an opportunity to reframe the conflict as a strategic challenge for the world’s two leading economies.

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