• Wednesday, Jan 20, 2021
  • Last Update : 10:18 pm

Biden: US, allies need to set global trade rules to counter China's influence

  • Published at 09:06 am November 17th, 2020
Joe Biden
File photo: US President-elect Joe Biden discusses protecting the Affordable Care Act (ACA) and his health care plans during a news conference, in Wilmington, Delaware on November 10, 2020 Reuters

The signing of the RCEP at a regional summit in Hanoi creates the world’s largest trade agreement, joining Asian powers China, Japan and South Korea

US President-elect Joe Biden said on Monday the United States needed to negotiate with allies to set global trading rules to counter China’s growing influence but declined to say whether he would join a new China-backed Asian trade pact signed on Sunday.

Asked at a news conference in Wilmington, Delaware, whether the United States would join the Asian-focused 15-country Regional Comprehensive Economic Partnership agreement, Biden said he could not yet discuss US trade policy because he had not taken office “and there’s only one president at a time.”

“We make up 25% ... of the economy in the world,” Biden said of the United States. “We need to be aligned with the other democracies, another 25% or more so that we can set the rules of the road instead of having China and others dictate outcomes because they are the only game in town.”

The signing of the RCEP at a regional summit in Hanoi creates the world’s largest trade agreement, covering 30% of the global economy and 30% of the global population, joining for the first time Asian powers China, Japan and South Korea.

Also read: Biden to spotlight economy as Trump vows more court challenges

It also marks another setback for US influence in the region after President Donald Trump in 2017 quit the 12-country Trans-Pacific Partnership (TPP) trade pact, negotiated while Biden was vice president.

Biden said he had a detailed trade plan he would discuss on January 21, 2021, the day after he is due to be sworn into office.

While TPP members including Japan and many free-trade advocates have expressed hope that Biden would rejoin that trade pact, he has said little about the subject and advisers have said he would not immediately remove tariffs on Chinese goods.

Biden said he had told leaders the United States would approach trade by insisting that Washington would “invest in American workers and make them more competitive,” make sure that labor and environmental interests were represented in any new trade negotiations and stop “poking our finger in the eyes of our friends.”

Asked why he would not comment on plans for trade agreements when he has said he would rejoin the World Health Organization and the Paris Climate Accords, Biden said: “You’re asking me about whether I’d join a specific proposal, the details of which are now only being negotiated among those nations. It would require a negotiation.”

Facebook 52
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail