“What we will no longer do is enter into large agreements that tie our hands, surrender our sovereignty and make meaningful enforcement practically impossible”
Donald Trump has warned the “Indo-Pacific” that the US would not accept any trade abuses at the Asia Pacific Economic Cooperation forum.
The US president is ending his tour across Asia by hammering home his mantra of ‘’America first’’ and constant contention for America’s trade deals.
Trump embodied a tough exterior which echoed that of his presidential campaign, as his administration tries to etch out a new strategy for trade with Asia.
Turning his back on trade agreements made in the past, Trump called for new bilateral deals with Asia, urging partners to ‘’abide by the principles of fair and reciprocal trade”.
Distain for ‘’large agreements’’ has been central to Trump’s agenda, while notions of protectionism hummed though out the speech, stating that the US would no longer surrender ‘’sovereignty’’.
However, we saw a diplomatic side of Trump during his visit in Beijing, where the president hailed applause for XI Jingping, his Chinese counterpart. “I do not blame China or any other country, of which there are many, for taking advantage of the US on trade,” he noted that “If their representatives are able to get away with it, they are just doing their jobs.”
China then eased limitations on foreign investment in financial firms once Trump had departed.
Hong Kong’s Hang Sang rose as a result of the deregulation, adding 0.3% to its value.