Many believe the pandemic and economic downturn could help China rise to surpass the United States as the world's largest economy.
The U.K.-based Center for Economics and Business Research says China's rise to the top could happen by 2028. That’s five years earlier than previous estimates. It will pose a challenge for the incoming Biden administration, which has wavered over if or when they'll lift President Trump's tariffs. Global analysts say the U.S. won't be able bring all overseas manufacturing home.
“If you look at the strength of American economics, it’s shifted to ideas, it’s shifted to information. It’s still focuses on the development of new technologies and the development of new products, but the manufacturing takes place in other places,” Rodger Baker, a strategic analyst for Stratfor, a RANE Company, told KTRH.
Baker adds the U.S. will likely move to diversify its supply chain, so we're not dependent on any one country.