Last week, Beijing applied to join the CPTPP, a trade club formerly known as the TPP, which the U.S. originally designed to isolate China. Trump tore the deal up and it moved on without the U.S., but now China wants to join.
Legislation passed by the U.S. Senate that may bar Chinese companies from U.S. markets, part of a broader push by Republican lawmakers for economic decoupling, could have a “very significant cost in terms of hurting U.S. interests,” said economist Yukon Huang, a senior fellow at the Carnegie Endowment for International Peace and formerly the World Bank's country director for China.