Biden Copies Trump By Scrapping Economic Dialogue With China

Zero Hedge

Biden Copies Trump By Scrapping Economic Dialogue With China

Unfortunately for Hunter Biden’s former CCP business partners, President Biden and his advisors have clearly identified China as a ‘weak spot’ for the Democratic President, and are thus determined to burnish Biden’s “tough on China” credentials, mostly by co-opting policies introduced by his predecessor, President Trump.

One day after the White House warned American businesses operating in Hong Kong that it’s not safe anymore, Bloomberg reports that the White House and Treasury Secretary Janet Yellen have no plans to restart regular US-China bilateral talks on the economy, a policy that was in place during the Bush and Obama Administrations, but was dropped by President Trump.

Despite having already spoken repeatedly with President Xi by phone, while his top diplomats including Secretary of State Anthony Blinken have met with their Chinese counterparts, it appears the White House is planning to roll back its cooperation with Beijing.

Bloomberg reported that “the disinterest in reopening channels active under President Barack Obama adds to evidence of President Joe Biden’s toughening stance on China.” They added that Biden appears to “extend and even deepen Trump’s more confrontational approach.”

Earlier this week, Yellen on Monday called out China for imperiling “rules-based international order” constructed after World War II, along with Russia and Belarus. Recently, China refused to attend a G-20 meeting between Yellen and the other top global finance chiefs, forcing them to participate remotely.

She added that China was guilty of “unfair economic practices, malign behavior and human rights abuses.” The US has been cranking up the pressure on Chinese firms, slapping sanctions on more firms that the US believes are involved with China’s “genocide” in Xinjiang.

In other news, the Information reported that two more Chinese firms are scrapping plans to list in the US. The two firms, Kujiale and Lalamove are searching for alternatives, and will likely list in Hong Kong (the venue of choice for all of the Chinese firms, including ByteDance).

Trump abandoned these bilateral talks with China in 2018 after holding a meeting at the Treasury Department in 2017. Neither the US nor China released a statement about that meeting.

Tyler Durden
Wed, 07/14/2021 – 20:00 Read full article at Zero Hedge

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