Xi, Trump square off over trade
vietnam — Chinese President Xi Jinping and US President Donald Trump laid down starkly contrasting visions for Asia’s future on Friday, with Xi pledging a new era of globalisation propelled by his nation’s economic might as Trump offered America’s largess only to those who play by his rules.
In back-to-back speeches to business leaders at the Asia-Pacific Economic Cooperation summit in Vietnam, Xi and Trump in effect competed for the region’s economic affections, with divergent blueprints of what the 21st Century economy should look like.
Speaking moments after Trump told the same audience the US would not seek multilateral trade deals and wanted to make the system fairer for Americans, Xi painted a picture of a global order that would bring collective benefits, saying, “let more countries ride the fast train of Chinese development.”
The speeches represent contrasting pitches for leadership in a region suspicious of China’s intentions and unsure about America’s staying power. Xi’s speech glossed over regional unease over China’s rising clout while pledging free
The concept of globalisation should pay more attention to openness and tolerance
Xi Jinping, Chinese President
trade and stability. Trump dwelled on regional flash points while criticising the World Trade Organisation and offering trade on America’s terms.
Trump’s speech cataloged the ills of globalisation, saying too
We are not going to let the United States be taken advantage of anymore
Donald Trump, US President
many countries had flouted the rules for years with impunity, harming American workers and US companies. “We are not going to let the United States be taken advantage of anymore,” Trump said.
Xi, on the other hand, said “the concept of globalisation should pay more attention to openness and tolerance, while the direction should focus on balance.” China will “continue to build an open economy and work hard to achieve mutual benefits,” he added. “Opening up will bring progress and those who close down will inevitably lag behind.” The comments signal a continuation of Xi’s drive to cast himself as a champion of global free trade as the Trump administration challenges China’s barriers to access for foreign companies. Earlier this year, Xi launched his push-back against protectionism in a speech to billionaires and government officials gathered at the World Economic Forum in Davos, Switzerland.
Still, while Xi has spoken strongly in support of the global trading order this year there’s been little tangible evidence of Beijing following through.
In a January survey of 462 US companies by the American Chamber of Commerce in China, more than 60 per cent expressed little or no confidence that China would open its markets in the next three years. China still ranks 59th out of 62 countries evaluated by the Organisation for Economic Cooperation and Development in terms of openness to foreign direct investment. — Bloomberg