The US-China trade-economic rivalry from a Liberalism and mercantilism perspective.

Discuss and argue by drawing upon TWO perspectives in International political Economy: 

Liberalism and Mercantilism.

Please combine the theoretical elements of the theories with concrete and recent empirical developments – events in this rivalry. 

*Please the events that you will mention must be from this year or last year. 

Relevant examples and notes: 

– The “US chips act” as a “neo-mercantilist” response of the US. It could be argued that it is part of a general trend which foocus on consolidating domestic industry and reducing trade and economic dependency on supply chains and other countries.If you use this example please reflect to the very recent developments (if any), please dont just mention the act, as it is more than 2 years old.  

Reflecting to this general trend we could argue that there is fall of neoliberal ideas and its deep establishement that used to prevail in western economic policies and strategies of the past 2 decades. 

– In general i would prefer if you could focus on this potential rise of neo-mercantilism policies and the simultaneous fall of neo-liberalism views which seems to spurs this rivalry even more. On the other hand though, we see that the values of global value chains has been increasing which means more intensified trade and higher globalisation of production, this is where neo-liberalism seems to still be relevant. Dont adopt a clear stance, but it would be nice if you could touch upon these perspectives. 

– Another event that intnsified the trade war from the US side is the ASML export controls case.  The US basically restricted ASML’ a dutch semiconductor chip manufacturer to export to china if it contains any US parts at all. 

Sources: 

Please cite and reference 5 academic articles ,reports or journals not just news articles.