Lip service notwithstanding, what Washington has been doing over the years is a form of decoupling with China — in the guise of national security. Top American officials have not articulated any boundary between decoupling and what they say are moves to “de-risk” the relationship. In many ways, they look the same.

The hype over a separation of China and the United States is rooted in a new cold war mentality. But Premier Li Qiang said the two can and must cooperate. There is much they can achieve by working together, while encirclement and suppression is in no one’s interest.

Export controls are central in economic competition between the U.S. and China. A new U.S.-led multilateral export control regime could further entrench efforts to exclude China from accessing Western technology.

U.S. and Chinese officials have grown accustomed to barbed exchanges in the public forum. It would seem that the minds of the two nations are diverging to opposing extremes. While a U.S.-China schism is undeniable, the world of academia is operating at a different wavelength than their government counterparts.

Washington wants to build a “small chip world” for itself that is decoupled from global supply chains. This is pure fantasy. The act can neither help the U.S. achieve a secure supply chain nor rejuvenate its domestic chip manufacturing sector. And it won’t slow China down either.

In the past, the U.S. dollar and Chinese yuan used to move inversely. Recently, that has not been the case. The dollar is appreciating, and so is the yuan. Are the bilateral currencies decoupling?

In 2018, Steve Bannon, then-US President Donald Trump’s chief strategist, argued that the United States needed to “decouple” from China. Since then, the term has become a fixture in discussions of Sino-American relations – to the point that some, such as former Australian Prime Minister Kevin Rudd, have warned that it could become a self-fulfilling prophecy. How salient is that risk today?

While a recent speech by U.S. Trade Representative Katherine Chi Tai was filled with accusations and predictable slanders against China, it also reflected a somewhat more nuanced trend, showing that America is attempting to moderate relations.

As the U.S. continues its financial blockade against China, China can respond by opening up to foreign financial institutions and achieve recoupling.

Interwoven interests with the United States are a Gordian knot that cannot be cut without doing serious harm. Alarm bells are ringing in Washington.