China has displaced Japan as the U.S.A.'s number one source of imports. But it also could be a sign of big trouble to come in those vast regions.
All humans now live in a global economy.
But regional and local economies are by no means vanishing. There are countless local economies all over the world. America is the central player in the global economy. But America also is deeply involved in all three regional economies. The next oldest is APEC, born in the 1980's and standing for Asia-Pacific Economic Cooperation group.