The term ‘de-risking’ has emerged as a central theme in discussions of the U.S.-China relationship, commanding attention from scholars, economists, and policymakers who are exploring strategies to diversify U.S. economic ties away from China. Since its introduction in March 2023, both the Biden administration and the G-7 have incorporated ‘de-risking’ into their discourse to describe their trade and investment policies concerning China. The widespread adoption of this concept prompts importan...