When is economic decoupling not economic decoupling? When it drives your allies to tighter commercial links with your adversary. That’s the situation the US finds itself in today, when it comes to its policies directed against China. Since the Trump administration put tariffs on Chinese imports in 2018, the US has been trying to extricate itself from commercial ties with the world's second-largest economy. President Biden has expanded the policy to keep China locked out of US supply chains in a few key high-tech industries. On the outside it looks like decoupling or de-risking is actually working. Business operations are relocating to other southeast Asian countries, India, and Mexico. But in crucial ways, the process is only skin deep. Take a closer look and the exodus from China is actually driving closer integration between the Chinese economy, and those of America’s friends.  On this week’s podcast, hosts Mike Bird, Tom Lee-Devlin and Alice Fulwood, examine whether US policy towards China is really working. Caroline Freund, Dean of the UC San Diego School of Global Policy and Strategy, explains how the countries that are expanding their exports to the US are at the same time becoming more integrated in supply chains with China. And Chris Miller, Associate Professor of international history at Tufts University and author of “Chip War: The Fight for the World’s Most Critical Technology” describes how reshoring, and lengthening supply chains is going to come at considerable cost. Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks  For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.