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It seems like it but the USA v China angle is way more complicated than these types of super power rivalries have been in the past. The USA is a massive part of the Chinese economy. It'd be weird for a country to attack either the largest part of it's supply chain or it's largest customer.

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I'm struggling to find an academic source to provide any level of detail beyond confirming this basic fact, but Germany and Britain's economic ties before WW1 were actually not too different. They were rivals but also major trading partners.

I won't try to shoehorn the past into the present, but for the very specific point about intertwined economies, it has in fact happened before.

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