In 2017-2018, the United States initiated a trade conflict with China. By its scope, this conflict is an unprecedented event in the history of international trade, at least since the inception of the WTO. Quite logically the world media designated the conflict a «trade war», giving rise to numerous publications related to the US-China relations and their impact on the world economy and politics. The additional edge to these publications was caused by the incomplete clarity of Donald Trump administration's goals in the conflict with China, as well as the inconsistency of the individual steps taken by Washington. The main areas of concern for the United States were serious problems in ensuring the intellectual property rights in China, including trade secrets; large-scale use of industrial policies conducive to stateowned enterprises and «national champions», including a «security and control» policy for the information and communications sector; export restrictions, subsidies, unique national standards and investment restrictions; worryingly agrarian policies that block US market access; and, finally, the lack of transparency in the actions of China. The policy of Beijing looked more predictable, although it also proved to be quite uncertain. Beijing's response to the protectionism of the American administration caused mass approval of the Chinese population, as well as the reaction of the business class of Chinese society, which appeared to be quite unambiguous. The trade conflict reflects the deep-seated contradictions between the both parties, concerning China's leadership in the global economy and politics, and the growth of its influence in the most diverse regions. A new bipolarity in international relations is emerging; the perception of China's rise as a threat to American interests reflects the recognition of this country as a serious rival. The attempts to slow down the rise of the PRC, including its field of advanced technologies, look like a quite conservative and shortsighted policy. The following review examines the chronology of the conflict, its possible causes and consequences, the positions of the parties, as well as its impact on the two countries' trade in 2018. The problems are viewed with consideration of the both countries' role in global economy and technological competition.