As 2023 comes to a close, relations between the United States and China are as fraught as ever. But what do tensions between the world’s leading superpowers mean for smaller actors? The answer depends on the country, sector, and even firm. South Korean companies, for example, appear to be reaping significant benefits from U.S. trade and technology restrictions on China, which have at least slowed – and possibly even reversed – the “China-zation” of manufacturing and global value cha