A number of policies have been recently introduced to reduce US trade dependence in critical goods.The concern behind these policies is that shocks can disrupt access to these critical goods, which can have devastating consequences for the US economy.For instance, the US enacted the CHIPS and Science Act of 2022 to increase domestic production of semiconductors to bypass sources such as Taiwan, which is subject to increasing geopolitical risks.We study whether growing concern about US-China relations has begun to reshape bilateral trade flows of critical and non-critical goods, and how it contrasts with the trend of the past three decades. Evolution of US Imports from China: Growth and ReversalWe begin by examining the composition of US imports over time across a sample of countries.Figure 1 shows that the share of US imports from China increased systematically over the past 30 years-from 4.8% in 1992 to a peak
L ife expectancy in rich countries is generally higher than it is in poor countries, but the gap in life expectancy between rich and poor countries has been closing over the past 50 years.Several economists have noted this cross-country convergence in life expectancy. 1 Life expectancy in a given year is the additional number of years that a person at a given age could expect to live on average given the age-specific survival rates in that year.For example, the life expectancy in 2023 involves using 2023 age-specific survival rates for every age; that is, the survival rates for 1-year-olds, 2-year-olds, etc.A person's life expectancy can change over their lifetime if the agespecific survival rates change.
