World News | Biden’s push for economic diplomacy with China brings high risk, low reward

washington [US]April 30 (ANI): U.S. already on brink of financial recovery, President Joe Biden’s economic diplomacy push against China leaves country high risk, low reward, writes Josh Rogin in The New York Times .

With Biden announcing he is running for re-election, the war in Ukraine and inflation are like salt in the wound. Beyond that, Biden is doubling down on his efforts to promote economic engagement with Beijing.

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The author believes that increasing economic pressure on China in the current environment has its own risks. Indeed, some observers praised Biden for a “course correction,” while others noted that outreach is unlikely to bear fruit because the administration is not prepared to accept Beijing’s demands to remove tariffs, technology restrictions and restrictions on products made of forced labor. ban.

Many national security officials see a weakness in Biden’s strategy to exert economic pressure on China. For example, an earlier plan to investigate China’s abuse of government subsidies has been scrapped. Six months after the administration announced restrictions on exports of new technology to China, final rules to enforce those restrictions have yet to be released. According to The New York Times, if the administration has any serious plans to address China’s abuse of U.S. capital markets, that will be a closely guarded secret.

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On China, there is tension between Biden’s interest in maintaining a tough stance and his desire to slow the rapidly deteriorating relationship between the two countries. Meanwhile, China courted its European allies in an attempt to isolate Washington.

Citing officials, the author said Biden sought another meeting with Chinese President Xi Jinping to follow up on talks they held in Bali, Indonesia, last November. But the strategic engagement track has been frozen since US Secretary of State Anthony Blinken’s planned trip was interrupted by a spy balloon incident in February.

At this point, Xi Jinping will not even answer the phone call of the President of the United States. But his administration has told the Biden administration it wants to resume economic discussions. That presents an opportunity for Biden’s economic officials to come forward.

At the same time, the United States should seek both engagement and competition with China. But Beijing is trying to force Biden to prioritize the former over the latter. The problem with going with the flow is that until the United States addresses China’s economic aggression, it can count on neither fair competition nor security, according to The New York Times. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)