China as the world's inflation absorber has not been widely discussed. With the world decoupling from China, policymakers may well be *forced* to deal with inflation again.

Of course, companies may also find new developing nations to send manufacturing, but China has the added benefits of (1) size, (2) infrastructure, (3) explicit government encouragement of manufacturing, and (4) a now-30-year relationship with US companies. It is hard to beat that combination in the short-term.