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The US-China collaboration has also extended to clinical testing for coronavirus. A recent example is a partnership between BGI Genomics, a Chinese genome-sequencing company, and local business leaders in the Kansas City region, and the University of Kansas Health System.

The US economy contracted at an annual rate of 32.9 percent in the second quarter of the year, the steepest decline since the government began keeping records in 1947, the Commerce Department reported last week.

The United Kingdom is ready to work with China to foster inclusive growth and champion open trade at a time of shifting global balances, according to the newly-installed Lord Mayor of the City of London.

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The US also has pressured Chinese companies such as telecom giant Huawei Technologies Co Ltd with sanctions and ordered the arrest of Huawei CFO Meng Wanzhou in Canada in 2018. Meng's extradition case is still pending in a Vancouver court.

The US and the EU have common aspirations, though, as they both want to revise the trade rules so they are unfavorable to emerging industrialized countries and establish a united front of developed countries. The EU, though, still opposes unilateralism. Like China, it is a supporter of the multilateral international order. This can serve as a new cornerstone for future cooperation between the EU and China.

The US Capitol stands as evening falls on the first day of the impeachment trial of US President Donald Trump in Washington, US, Jan 21, 2020. [Photo/Agencies]

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The US Capitol Building is seen on Capitol Hill in Washington, US, February 4, 2020. [Photo/Agencies]

The US has threatened to impose tariffs on 0 billion worth of imports from China following a Section 301 investigation into China's intellectual property policies and practices. China has vowed to fight back and has proposed tariffs on billion worth of imports from the US, including cars, soybeans and airplanes.

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The US economy, now in its 11th year of expansion, the longest on record, got a boost last year amid a worldwide economic slowdown when the Federal Open Market Committee (FOMC) cut interest rates three times by a quarter-point each in 2019.

The US government's ban on restricting Chinese tech company Huawei from buying US chip technologies has already weighed on sales of semiconductor heavyweights, including Qualcomm Inc.