The battle between the U.S. and China for economic supremacy in Asia is officially on
, as the White House was focused on battling the Covid-19 pandemic and its economic fallout. Experts on the region expect China to respond in kind.
Secretary of State Antony Blinken is expected to shed light on Biden’s broader strategy toward China during a highly anticipated speech on Thursday. Blinken’s remarks come on the heels of Biden’s first trip to Asia as president, which included stops in South Korea and Japan. It was in Tokyo thatin negotiations on the Indo-Pacific Economic Framework, a nontraditional trade pact the administration hopes will reestablish the U.S. as a commercial leader in the region.
The U.S. and China have been at odds on trade since former President Donald Trump initiated a tariff war in 2018, and the relationship has been largely unmoved since Biden took office last year. Duties on billions of dollars of goods remain in place, although the administration is now reviewing tariffs on Chinese imports, and.
The reality is that China remains a critical trading partner for many Indo-Pacific nations that will participate in Biden’s economic framework, not to mention a key source of infrastructure funding and business investment. As the U.S. and China remain locked in their economic rivalry, countries in the region have little choice but to appease both.
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