American Economist James Galbraith on US Vs China tariff war, dollar dominance & more | HTLS 2025

American economist James Galbraith, at Hindustan Times Leadership Summit 2025, said the U.S.-China tariff war has effectively been “won” by Beijing, arguing that China’s leverage over rare earths and critical minerals has proved more powerful than Trump’s tariff barrages on Chinese exports. He rejected the idea that the dollar’s dominance is under immediate threat, noting that US government debt remains hard to replace as the world’s main reserve asset, and urged a shift in global economic policy away from zero‑sum trade fights toward a “search for peace and stability” and more balanced relationships that respect all major powers’ national interests.​