To better understand America's recent isolationism, and the rhetoric surrounding China's trade frictions with the US, we spoke to Stephen Roach, a senior lecturer at the Jackson Institute of the Yale School of Management.

STEPHEN ROACH, SENIOR LECTURER JACKSON INSTITUTE, YALE SCHOOL OF MANAGEMENT "I think both nations have benefited a lot from globalization. China certainly has benefited from linking itself through global trade and WTO, etc. to markets in the developed world, like the United States which provides a major source of support for the external demand that underpinned the world's greatest export machine, now in China. But come on, the US has benefited hugely from importing low cost goods made in China, which is critical to stocking the shelves of Walmart and making ends meet for income constrained American middle-class workers. The US, with its massive budget deficits, has relied on China as the major foreign buyer of US treasuries to help us fund these budget deficits. And the US has become an important source for Chinese exporters."