American multinationals may like the idea of forcing China to alter the policies and practices – from subsidies for state-owned enterprises to the requirement that foreign firms share proprietary technology in exchange for access to the Chinese market – that place them at a competitive disadvantage. But, as US President Donald Trump’s trade war continues to escalate, it is worth asking: What price are these companies really willing to pay?

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.

Since its inception, the Shanghai Cooperation Organization (SCO) has been criticized for lacking direction and enforcement power. Yet, the SCO still has a place as a discussion forum for top leadership in the region. We must reevaluate our expectations for the SCO and recognize that the creation of a discussion forum is a success in its own right.

In a trade war between two of the world’s largest economies, there are no winners. The U.S.-China trade spat will have spillover effects, with severe consequences for not only Asia, but the rest of the world.

The benefits of Sino-US trade—new jobs, more efficient division of labor, an engine for the world economy—have seemingly been forgotten. But all is not lost. If China and the US can reconnect, new opportunities beckon: in infrastructure, energy, tech, climate change, and beyond.

In a global economy marked by constant technological change, innovation drives growth—thus, the prospect of Sino-US “tech decoupling” would harm both countries’ ability to learn from the other.

President Trump’s childish whims on trade issues can be an opportunity for diplomats who stick to the high ground.

With negotiations breaking down, the China-US trade war now seems less about temporary disputes and more about a US plan to win a “clash of civilizations.” But this clash would mean unwinding generations of economic integration, with potentially disastrous results.

Rare earths may be the next target in the US-China trade war, but cutting off exports to the US will backfire on China in the long-run as companies look to other countries as permanent replacement suppliers of the elements.

The U.S.-China trade conflict is not simply a war over tariffs and unfair competition, but rather a manifestation of a broader problem within the global political economy itself.