'The chokepoints now run both ways': JPMorgan says 5 forces are quietly reshaping the US-China balance of power
Key takeaways
- Between tariffs, political posturing and the war in Iran, the relationship between the U.S. and China is a tense one these days.
- Rival nations don’t have to resolve all of their differences to work together.
- JPMorgan (NYSE: JPM), in a note to investors (4), said it saw five forces that could reshape the equilibrium between the two countries.
'The chokepoints now run both ways': JPMorgan says 5 forces are quietly reshaping the US-China balance of power Xinhua News Agency / Getty Images Aditi Ganguly Thu, June 4, 2026 at 7:15 PM GMT+7 10 min read JPM Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Between tariffs, political posturing and the war in Iran, the relationship between the U.S. and China is a tense one these days. And that uncertainty can add a layer of volatility to the markets, which impacts both investment and retirement accounts.
Rival nations don’t have to resolve all of their differences to work together. In the Cold War, for instance, the Soviet Union was still a customer of U.S. wheat (1) and corn — and U.S. companies laid the groundwork to open locations (2) in the country. So, the recent summit between leaders of the U.S. and China, while it failed to yield (3) many confirmed deals, was an important step in ending some of the uncertainty the past few years have brought.