The US-China Economic and Security Review Commission (USCC) has raised concerns that the 15 Asia-Pacific countries signing the Regional Comprehensive Economic Partnership (RCEP) will leave the US behind because of China’s dominance in regional trade. Democratic presidential candidate Joe Biden said in a statement that he has had discussions with several world leaders, but that he cannot discuss U.S. policy with them because of U.S. law.
Biden was asked by reporters whether Washington should consider joining the RCEP, the Economic Daily reported, citing the Nikkei Asian Review. He responded by saying the United States should align itself with other democracies to start making the rules, rather than letting China and other countries decide the outcome. He added: “I promise you that I have a pretty thorough plan in place right now that I’m ready to announce to the American people. I’ve spoken to several world leaders, and I’ve made it clear to them that Under U.S. law, I can’t have a discussion with them. “For those who can explain American policy, I think you can only have one President at a time.”
Mr. Biden also said the United States must negotiate global trade agreements with Allies to counter China’s growing influence, but he would not say whether he was willing to join the RCEP. He points out that the US accounts for 25 per cent of global economic output and must align itself with other democracies accounting for more than another 25 per cent to set global rules. The RCEP has announced the creation of the world’s largest economic free trade Area, covering 30% of global economic output and 30% of global population. It is also the first free trade Agreement (FTA) between China, Japan and South Korea.
According to Reuters, U.S. President Donald Trump suffered a setback in Asia after he announced in 2017 that he would withdraw from the trans-pacific Partnership (TPP), the predecessor of the trans-pacific Partnership (TPP). TPP members include Japan, and many proponents of free trade hope the new President will bring the United States back on board. Mr. Biden did not elaborate on the issue beyond Mr. Trump’s withdrawal, and his advisers have said he would not immediately lift tariffs on Chinese goods.
The USCC worries that America is lagging behind. It welcomes the trade-liberalisation advantages of the new RCEP, but does not think Washington should join the new trade bloc because of its shortcomings. The US-China Economic and Security Review Commission, known as the US Congress China Economic and Security Review Commission, was established by the US Congress in 2001 to monitor the impact of China-Us trade exchanges on the US economy and Security under the background of China’s accession to the WTO.
Yesterday (November 16), Biden used Zoom to attend a meeting of business and union leaders, including the CEOS of major U.S. corporations like GENERAL Motors, Microsoft and Gap, as well as leaders of the United Auto Workers (UAW). The meeting discussed how to safely and efficiently reopen the U.S. economy as the coVID-19 epidemic continues to surge across the country, prompting a resumption of restrictions.
Biden also called on Congress to immediately pass an economic stimulus package to help workers struggling to cope with coVID-19. He said he supports a nationwide requirement to wear face masks to stop the rise of new cases, and that Congress should provide trillions of dollars in financial aid to workers, businesses, state and local governments. “For the millions of Americans who have lost their hours and wages or have lost their jobs, we need to provide immediate relief, and it must happen quickly,” he said. “Congress should work together to pass a coronavirus stimulus package.”
In an editorial last Week, The Diplomat said that China-Us relations have changed dramatically over The past four years under Mr Trump. Relations between the world’s two largest economies have plunged to a new low, from an unprecedented trade war to Mr Trump’s deriding of Chinese citizens and students to a scathing rebuke of journalists and writers seen by Beijing as linked to the West.
Bilateral relations must be reviewed in view of the escalation of tensions. In recent years, both China and the United States have significantly increased their investments in expanding and consolidating their operations in the Pacific region. China has increased its defence spending by $11bn this year, the fifth-highest increase on record, as it prepares to strengthen its sphere of influence in the Indo-Pacific and consolidate its naval forces in the South and East China Seas. Trump, on the other hand, has repeatedly cut domestic programs to support his defense spending, in contrast to former U.S. President Barack Obama. The report says the two countries are trying to compete with each other militarily and avoid war by stopping each other.
But as former US defense secretary Donald Rumsfeld said, there are many unknowns in the US and it is not yet clear whether Mr. Trump will withdraw from the White House. Us presidential election could also determine whether Mr. Trump will deepen tensions with China over the next two months, and it is unclear how close Mr. Biden’s shortlist is or how close they are too hawkish anti-China institutions. It also includes a number of “black swans” that may come from the situation across the Taiwan Strait, China’s internal politics, and the fragile RELATIONSHIP between the US and the EU over Brexit and the new Champions.