As a result of the US actions, (a) what actual impact was there on the US economy? (b) On the Chinese economy?

1)Trump’s Accusations: As explained in the case, please describe briefly the accusations made by President Trump against China.
Currency Manipulation. Trump accused China that they devalued its currency to gain an “unfair” trade advantage. The claim was not new, back then, Obama’s treasury secretary had openly accused China of resorting to “currency manipulation” by fixing the exchange rate. However, once Trump was elected, he broke his promise. In the first few months of his presidency, Trump prioritized China’s support in negotiating a deal with North Korea on their nuclear weapon development program.
IP Theft and Forced Technology Transfers. Trump forcefully accused China of copyright infringements, cyberespionage, and forced technology transfers, amplifying similar claims raised by previous administration. Copyright infringements and pirated goods were an old complaint about China, which some estimated to cost over $255 billion to the U.S. each year. Accused China’s government of playing a significant role in a 53% surge in economic espionage case. Often the Chinese government was accused of supporting firms blamed for stealing intellectual property, such as Huawei. For years, the U.S. labeled the company a national security threat, accusing it of selling equipment to tap or disable U.S. communication networks. 
Stealing Jobs. Trump claimed that “disastrous trade deals” had led to the loss of millions of manufacturing jobs in the U.S. He continued to accuse China of causing the demise of the U.S. manufacturing sector. Facing competition from inexpensive Chinese products, many American manufacturing firms had shut down or outsourced jobs to China. U.S. manufacturing jobs dropped 34% in the 1998-2010 period, and academics had documented the connection to China’s rise in manufacturing.
Lack of Reciprocity. Trump’s remarks for more fair trade were often linked to the need for symmetry and reciprocity in the bilateral trade relationship. The average tariff in China was indeed much higher than in the U.S., but it had consistently fallen over time, particularly after China joined the WTO.
Transfer of Wealth. Trump often argues that China has been taking out massive amounts of money and wealth from the U.S. in totally one-sided trade. As its exports to the U.S. grew, China accumulated a massive amount of U.S. treasury securities. In 2000, it held only 6% of all U.S. Treasury securities outstanding. By 2018, China was effectively the largest foreign creditor to the U.S.government, with 18% of all foreign holdings of U.S. Treasury securities.
Threat to National Security. Trump faced Xi Jinping’s ambition for his country’s growing prominence on the global stage. As the world’s second-largest economy, China cultivated its international economic influence by spearheading projects such as the Belt and Road initiative and overtaking the rest of the world in overseas lending to developing countries. The possibility of China soon become the largest economy in the world raised many concerns in Washington.
2)China’s Perspective: Describe briefly China’s (and other’s) perspective on each of these accusations.
For the accusation of currency manipulation, China argued that the accusation was groundless. Critics argued that the Chinese currency was still “undervalued” relative to its worth in a free-floating market and the Chinese government intervened extensively in the foreign exchange market during this time, buying foreign exchange reserves and implementing strict capital controls. China also attempted to liberalize its foreign exchange market and contrary to what many in the U.S. expected, the currency’s value immediately dropped. However, to some observers, this was an indication that the Renminbi was not really undervalued, otherwise “it would have risen instead.”
For the accusation of IP theft and forced technology transfers, Chinese officials acknowledged that there was a lot of room for improvement and frequently promised more crackdowns on pirated goods and exports. The Chinese government argued that the partnerships are voluntary and American companies in China have received huge returns and are the biggest of technological cooperation. The official goal was to modernize the Chinese manufacturers by providing state support and funding, pushing them to become global technology leaders in areas...