China is touting itself as the new defender of global commerce as it works with Asia-Pacific leaders to hammer out the world’s largest trade deal — with the United States relegated to the sidelines. World leaders gathered in Singapore this week for a summit where a massive Beijing-backed
China is touting itself as the new defender of global commerce as it works with Asia-Pacific leaders to hammer out the world’s largest trade deal — with the United States relegated to the sidelines.
World leaders gathered in Singapore this week for a summit where a massive Beijing-backed agreement covering half the world’s population has dominated discussions.
Diplomats have been trying to nail down details as Beijing entices its neighbors to join a pact seen as an antidote to President Donald Trump’s “America First” protectionist trade policy.
The U. S. has imposed tariffs on roughly half of what it imports from China, prompting Beijing to retaliate with its own levies.
China, Japan, India and other Asia-Pacific countries are expected to announce progress on the Regional Comprehensive Economic Partnership (RCEP) later Wednesday.
Beijing had hoped to have the meat of the deal done by the end of this year, but the timetable has now slipped to 2019. However, this has not stopped Chinese leaders from basking in the progress already made.
