Strategic Stalemate: What Investors Miss About U.S.-China Competition

The military concept of escalation dominance posits that the side controlling the pace and pain of a conflict determines the outcome. For most of the Cold War era, the U.S. had escalation dominance—militarily, technologically, and economically—but the use of economic statecraft was limited. That era is over. As great power competition intensifies, the relationship between the U.S. and China offers a view into where competition is headed and what it means for global stability. While the U.S.-China summit resulted in an effective truce, there are deeper takeaways that investors and other observers should consider. PGIM's Daleep Singh welcomes Julian Gewirtz, former Senior Director for China and Taiwan Affairs at the National Security Council, to discuss the U.S.-China stalemate and the economic long game. The conversation covers topics including: Geopolitical and economic takeaways from the summit China's efforts to buy time—and potential U.S. policy responses Technological competition, including AI, chips and related minerals Strategies aimed at achieving AI superiority in pursuit of national interests