Last week, President Joe Biden signed an executive order restricting U.S. companies’ ability to invest in a range of cutting-edge technology sectors in China. Biden has also maintained tariffs imposed on China by former President Donald Trump. That raises a fundamental question: Why is the U.S. imposing trade restrictions on China?
In recent years, the GCC member states have made efforts to shift toward renewable energies, while turning to China as a key partner in doing so. But while that partnership has proved fruitful in terms of investments in renewables, it has also paradoxically alleviated the pressure the GCC countries feel to abandon hydrocarbons.
Who rules the world? In discussions of international politics, the focus is often on states. With the rise of Big Tech, though, some observers have argued that the future of global power will be a story of corporations, not countries. But claims that corporations will dominate the world and surpass states in power are overblown.