Trade: US-China ‘uncertainty’ to cost world $700bn says expert
US-China relations have always been tense, but in recent years the relationship between the two powers has stooped to its lowest level yet. Donald Trump introduced a series of tariffs and taxes on Chinese imports as part of his ‘trade war’ with the country, damaging the delicate relationship even more. US President Trump has long accused China of unfair trading practices and intellectual property theft, while in China, there is a perception that the US is trying to stop its rise as a global economic power.
Negotiations between the two sides are ongoing, but they have proven very difficult so far.
China has recently adopted a Belt and Road Initiative (BRI), whereby it seeks to invest in infrastructure and engineering in a series of economically developing countries.
The project, coined by President Xi Jinping in 2013, attempts to connect Asia with Africa and Europe via land and sea networks.
The main aim of the Belt and Road initiative is to improve regional integration, increase trade and stimulate economic growth for both China and the countries involved.
We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
The project draws inspiration from the concept of the Silk Road, established during the Han Dynasty more than 2,000 years ago.
While on the surface the initiative appears to be of a generous and economically-incentivised nature, critics see the project as an unsettling extension of China’s rising power.
The US shares the concern of some Asian countries that the BRI could be China’s ‘Trojan horse’ for a China-led regional development and vast expansion of its military.
And while some were hoping for a reset on the two countries’ relationship when Mr Biden becomes President, Professor of International Relations and US Politics at London Metropolitan University, Dr Andrew Moran says China will continue to number one on America’s list of problems.
Professor Moran explained: “Long term, China remains America’s greatest problem as it continues to challenge the global reach of the USA, developing a growing list of client states.
“Like Russia, China is a strategic competitor, seeking to reshape the balance of power in key regions of the world to enable them to become regional hegemony and to change the international order in their favour.”
While America has largely enjoyed free rein of the world, historically speaking, thanks to its vast size and wealth, China’s arrival on the global stage has somewhat changed things for the US.
Professor Moran explained: “As a recent United States Defence Department’s ‘National Defence Strategy’ starkly warned, ‘For decades the United States has enjoyed uncontested or dominant superiority in every domain.
South China Sea: Biden may use Donald Trump’s Beijing pressure tools [INSIGHT]
Joe Biden takes Pfizer jab LIVE on TV in battle against coronavirus [REPORT]
Donald Trump ‘asked’ about using military to overturn US election [ANALYSIS]
“‘We could generally deploy our forces when we wanted, assemble them where we wanted, and operate how we wanted’.
“‘Today, every domain is contested – air, land, sea, space and cyberspace’.”
Mr Biden will likely to mend the relationship between China and the US, understanding that it should be an ally to the country as opposed to an enemy.
As well as Mr Trump’s hostile attitude towards China, he cast the country as an enemy of the people by blaming the ruling Chinese Communist Party (CCP) for the coronavirus pandemic, the trade deficit, IP theft, opioid addiction, spying and military aggression among other things.
Victor Gao, a Chinese expert on international relations said: “China and the United nStates are competitors, of course, but competition in itself should not be viewed as a destructive force.
“Competition can actually also bring good things for both countries and for mankind as a whole.”
Mr Trump’s last few weeks in office could see the President go rogue as he tries to make his mark on the presidency, perhaps by making things worse between the US and China.
Mr Moran concluded: “The challenges are huge. And who knows what Trump will do in his remaining days.”
Source: Read Full Article