U.S.-China rivalry risks splintering global economy, IMF chief warns

U.S. and European efforts to redraw global supply chains make sense if they help eliminate the kind of reliance on a single supplier that proved so disruptive during the pandemic. But if the two powers erect new trade barriers to gain an edge in their geopolitical contest, they could set off a destructive cycle that would hurt middle-class and poor households while leaving the wealthy unscathed.

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