Image credit: Aïda Amer/Axios

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For those of you who like to look at things from both sides, you'll likely enjoy the latest book by Singaporean former diplomat Kishore Mahbubani.

The big question: "Has China Won? The Chinese Challenge to American Primacy" (Public Affairs, March 2020) starts with a question no U.S. politician dares address publicly: "What strategic changes will America have to make when it no longer is the world's dominant economic power?"

Key takeaways: Mahbubani examines both China's and America's biggest strategic mistakes.

  • Mahbubani says China's biggest error in its dealings with the U.S. was alienating the U.S. business community, once China's loudest supporter in Washington, through years of predatory practices such as forced technology transfer.
  • And America's biggest mistake was launching a geopolitical contest with China "without first working out a long-term strategy."

Flashback: I asked Mahbubani what he thought the Obama administration's biggest mistake was.

  • He said it was the "prevalent belief that a country like the U.S., that is less than 250 years old and has less than a quarter of the population of China, could transform a country the size of China with a 4,000-year history."

Go deeper

Aug 26, 2020 - World

U.S. targets Chinese individuals, companies over escalation in South China Sea

Fishing vessels are seen in the South China Sea Photo: Artyom Ivanov/TASS via Getty Images

The Department of Commerce on Wednesday blacklisted 24 Chinese firms for "helping the Chinese military construct and militarize the internationally condemned artificial islands in the South China Sea."

Why it matters: The move comes as the Trump administration continues to ramp up pressure on Beijing amid escalating tensions in the disputed region.

Tom Cotton accuses Biden of aiding China's rise for 50 years

Sen. Tom Cotton (R-Ark.) attacked Joe Biden's foreign policy record in his speech at the Republican National Convention on Thursday, arguing that the former senator and vice president has "aided and abetted China’s rise for fifty years with terrible trade deals."

Why it matters: Cotton, a hardline conservative and China hawk, is widely seen as a potential 2024 Republican candidate for president. The Trump campaign and Biden campaign have gone back and forth in accusing each candidate of being soft on China.

Dion Rabouin, author of Markets
24 mins ago - Economy & Business

Americans' trust in the Fed keeps falling

Data: Axios/Ipsos poll; Note: ±3.3% margin of error; Chart: Axios Visuals

Americans' trust in the Federal Reserve fell again in October, with just 34% saying they have a fair amount or a great deal of trust in the central bank in the latest Axios/Ipsos poll.

What's happening: While trust in the Fed rises with age, income level and among those who say they know more about the institution, there was not a single group where even half of respondents said they trusted the Fed.