“Here is how Jim McGregor, a business consultant who lived in China for 30 years, explained it to me: Big U.S. multinationals used to go to China and do a joint venture with a Chinese company to get into the Chinese market. Now foreign companies are coming to China and saying to Chinese multinationals: If you want to get into Europe, do a joint venture with me and bring your technology.”
https://www.nytimes.com/2025/04/02/opinion/trump-tariffs-china.html