Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Former world leaders warn US-China trade dispute could lead to new cold war

Former world leaders warn US-China trade dispute could lead to new cold war

Kevin Rudd is among a coalition of former leaders who have urged the US and China to settle their differences
The ongoing trade war between the US and China, with its associated decoupling of the two powerhouse economies, was a step in the direction of a new cold war, a coalition of former world leaders has warned.

Writing on behalf of the global leadership foundation in an opinion piece published in the New York Times overnight, former prime ministers Kevin Rudd of Australia, Helen Clark of New Zealand and Carl Bildt of Sweden have urged presidents Donald Trump and Xi Jinping to end their trade dispute for the sake of the world at large.

Labelling the dispute the “single greatest threat to global economic growth today,” the coalition of former leaders, which also includes François Fillon of France, Joe Clark of Canada, Enrico Letta of Italy, Jan Peter Balkenende of the Netherlands, Felipe Calderón and Ernesto Zedillo of Mexico and Han Seung-soo of South Korea expressed anxiety over the wider impact of the clash.

“Such a [further] decoupling [of the two economies] would present a long-term threat to global peace and security,” the leaders wrote.

“It would also effectively constitute the first step in the declaration of a new cold war. As with the last cold War, many nations would be forced to choose between the two powers. And that is a choice none of us wants to make.”

The former leaders have suggested a year’s end deadline, recommending the World Trade Organisation be allowed to step in and address issues with some of China’s trade practices.

The open letter to China and the US comes as Trump is expected to meet with the Chinese vice-premier, Liu He, at the White House, with discussions between the two warring trade nations recently opening up.

On Thursday, trade officials from the US and China met for the first time since July, raising hopes of a limited trade agreement that could negate Trump’s planned tariff increase on Chinese goods.

The US had intended on raising tariffs against another US$160bn of Chinese goods on 15 October, having already imposed tariffs on more than US$350bn of products.

Cracking down on China’s trade practices had been a key campaign issue for Trump in the lead up to his 2016 election win. Most recently, the US president used his spotlight on the UN stage to double down on his message.

“Not only has China declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers and the theft of intellectual property and also trade secrets on a grand scale,” Trump said in September.

“As far as America is concerned, those days are over.”

The theft of intellectual property by Chinese companies was a key sticking point in the trade negotiations, with the US demanding better protection of American IP from China, along with an end to cyber theft.

Australia, through Peter Dutton, briefly waded into that debate on Friday, with the home affairs minister telling journalists that while Australia’s relationship with China was “very important” it reserved the right to criticise what it saw as wrongdoing.

“We won’t allow theft of intellectual property and we won’t allow our government bodies or our non-government bodies to be hacked into,” Dutton said.

“The cyber world that we’re on the cusp of is hardly imagined by many Australians. 5G, the internet of things, the connectivity … devices around the world that will be upon us within a matter of years, is part of the reason the government made a decision not to allow certain vendors into the 5G market.

“We will work closely with all our international partners. It is right we call out where people have done the wrong thing.”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×