The United States-China trade war started in 2018 and has never officially ended. So, which side has been “winning” it? Recent research offers an unambiguous answer: neither.

Everyone assumes that taxpayers will take on losses in the next downturn. Student loans, government pensions, and mortgages have piled up, all waiting their turn for Uncle Sam’s bailout.

Forecasting inflation is a staple of macroeconomic modeling, yet virtually all economists’ predictions for the United States in 2021 were way off the mark.

Here, too, China has embraced obfuscation rather than transparency. Xi’s regime has blocked an independent forensic inquiry into COVID-19’s origins, arguing that any such investigation amounts to “origin-tracing terrorism.”