In a more competitive world with multiple economic hubs, the once-dominant influence of East-West superconnectors is waning. Hong Kong must capitalise on the Greater Bay Area, Belt and Road Initiative and focus on ‘sweet spot’ sectors where China and other regions seek better cooperation.

Washington should double down on combining policy support, financial incentives and advances in technology, to reduce its reliance on China-sourced material. As it strives to build a home-grown supply chain, investing in Canada’s critical minerals could be a game-changer.

For all the talk of the benefits reshoring and ‘de-risking’ can bring domestic workers, they also introduce new risks to people’s way of life. Neither the US nor China can afford to ignore these new risks, including limited job creation, expensive subsidies and greater material costs.

The US is turning to Vietnam in its attempts to diversify supply chains and curb China’s regional influence, but that is easier said than done. Vietnam’s booming durian exports are just one example of its close economic dependence on China, complicating US ‘friendshoring’ efforts.

The deteriorating bilateral relationship can benefit from expert input from the business community as Beijing and Washington redraw the lines in strategic industries. Business ties can also play a stabilizing and humanizing role as dialogue channels shrink elsewhere.