Relations between the Chinese and U.S. governments remain strained following the recent extension of U.S. sanctions against trade with counterparties in the Xinjiang region. Talks from June 30 between the U.S. and Taiwan on supply chains – likely including semiconductors – and digital trade may further inflame tensions. Worse relations may jeopardize the phase 1 trade deal between the U.S. and China. U.S. exports of products covered by the deal climbed by 58.0% year over year in the first five months of 2021 and by 39.2% compared to the same period of 2017, the baseline year for the deal...