Summarize and humanize this content to 2000 words in 6 paragraphs in English
“I think it’s useful for all of us to take a step back and ask ourselves, what has the globalized economy gotten the United States of America?” Vance said.
“Fundamentally, it’s based on two principles, incurring a huge amount of debt to buy things other countries make for us … We borrow money from Chinese peasants to buy the things that Chinese peasants manufacture,” he added.
The U.S. and China are currently engaged in a tit-for-tat tariff dispute, after President Donald Trump whacked Chinese imports with 34 percent duties, sparking a reciprocal response from Beijing as the world lurches toward an all-out trade war.
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