Pence-Xi Showdown at APEC Shows U.S.-China Divide Only Widening

Sharing is Caring!

(Bloomberg) — U.S. Vice President Mike Pence traded sharp barbs with Chinese leader Xi Jinping in back-to-back speeches at a regional summit, showing that neither country appears to be giving ground in an escalating trade war.

Xi received applause Saturday when he told the Asia-Pacific Economic Cooperation summit in Papua New Guinea that implementing tariffs and breaking up supply chains was “short-sighted” and “doomed to failure.” He called for a stronger World Trade Organization and defended his signature Belt-and-Road Initiative, saying it’s “not a trap as some people have labeled it.”

READ  China's PPI will print at the highest level since Lehman collapsed in September 2008

Speaking moments later, Pence told delegates the U.S. offers countries in the region “a better option’’ for economic and diplomatic relations than Beijing’s heavy-handed approach. He warned against taking Chinese loans, saying the U.S. “doesn’t drown our partners in a sea of debt” nor offer “a constricting belt or a one-way road.”

READ  House Republicans Focus on Big Tech’s Relationship With China... U.S. and EU Begin Preparing for “High-Tech” Divorce From China

The back-and-forth on a cruise ship docked in Port Moresby, the capital, suggested the world’s biggest economies remained far from a deal to end a damaging trade war even after President Donald Trump said he was optimistic about a resolution. Trump and Xi are scheduled to meet a few weeks from now at the Group of 20 summit in Buenos Aires.

www.bloombergquint.com/global-economics/pence-slams-china-says-u-s-offers-countries-better-option#gs.Uy8unB4

464 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.