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“We are in the foothills of a Cold War.” Those were the words of former U.S. Secretary of State Henry Kissinger when I interviewed him at the Bloomberg New Economy Forum in Beijing last November.

First, the history. What had started out in early 2018 as a trade war over tariffs and intellectual property theft had by the end of the year metamorphosed into a technology war over the global dominance of the Chinese company Huawei Technologies Co. in 5G network telecommunications; an ideological confrontation in response to Beijing’s treatment of the Uighur minority in China’s Xinjiang region and the pro-democracy protesters in Hong Kong; and an escalation of old frictions over Taiwan and the South China Sea.

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