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Biden wants to stand up to China together with EU
26-02-2021 12:47
Biden wants to stand up to China together with EU
Biden wants to stand up to China together with EU

US president Joe Biden, unlike his predecessor Donald Trump, has no intention of losing allies. Instead, he is determined to cement these relations and show a united front against China. During the Munich Security Conference, Biden revealed his plans for the near future. In fact, some countries were not best pleased. Thus, the American leader is eager to restore ties with all its partners, primarily the European Union, and to hold China to account for its economic practices.

"Everyone must play by the same rules," Biden told the Munich Security Conference. The president’s speech caught China by surprise. During his presidential campaign, Biden repeatedly declared that he was not going to resort to Donald Trump’s aggressive rhetoric against China. He promised to act primarily within the framework of international agreements and organizations such as the World Trade Organization and the World Bank. Today, however, Washington seeks to maintain a tough stance against the Chinese government. "We have to push back against the Chinese government’s abuses and coercion that undercut the foundations of the international economic system," Biden stated.

The US hopes that Europe will be its main partner in the trade confrontation with China. Therefore, Biden solemnly promised to rekindle the country’s relations with the ally: "I know the past few years have strained and tested our transatlantic relationship, but the United States is determined to re-engage with Europe."

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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