BREAKING: Biden says U.S. and Allies Need to Set Global Trade Rules to Counter China's Influence
WASHINGTON (Reuters) - U.S. President-elect Joe Biden said on Monday the United States needed to negotiate with allies to set global trading rules to counter China’s growing influence but declined to say whether he would join a new China-backed Asian trade pact signed on Sunday.
The signing of the RCEP at a regional summit in Hanoi creates the world’s largest trade agreement, covering 30% of the global economy and 30% of the global population, joining for the first time Asian powers China, Japan and South Korea.
It also marks a another setback for U.S. influence in the region after President Donald Trump in 2017 quit the 12-country Trans-Pacific Partnership (TPP) trade pact, negotiated while Biden was vice president.
Biden said he had a detailed trade plan he would discuss on Jan. 21, 2021, the day after he is due to be sworn into office.
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