Sunday, November 12, 2017

Apec summit: Trump and Xi offer competing visions for trade

In this article courtesy of the BBC, President Trump has met with Chinese President Xi Jinping on November 10th to discuss world trade at the Apec summit at Vietnam. Apec, or the Asia-Pacific Economic Co-operation meeting hosts 21 different economies and 12 nations representing 60% of the worlds GDP, making it an obvious platform for economically influential states to express their visions, aspirations, and concerns. Of which, Trump and Xi both expressed two differing opinions on the state of world trade. Looking at Trump’s stance, we see him emphasizing his America first policy, stating “the US would no longer tolerate ‘chronic trade abuses,’” pointing out the US trade deficit with China as a primary example. Rather, Trump spoke about a fairer global trade environment, stating that the WTO “cannot function properly” if all members do not respect the rules. I found this humorous, especially since the USA has a history of defying the WTO. Xi on the other hand championed globalism as an “irreversible historical trend” which needed to be principled in a way to become “more open, more balanced, more equitable and more beneficial to all,” as he finds multilateral trading and regionalism more beneficial, especially for developing countries. Overall, through these statements we can see the different philosophies these leaders bring to the table, one sponsoring world trade under America’s terms, and the other proposing a connected and comprehensive globalized system which recognized value in regional trade. As the Chinese economy continues to grow it will certainly be interesting to witness what larger role China will fill on the world stage.
Aric Laatz

http://www.bbc.com/news/world-asia-41937426

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