The U.S. and Taiwan are strengthening economic ties in the face of Chinese aggression.
Key Details
- Representatives met in New York on Tuesday for the U.S.-Taiwan Initiative on 21st Century Trade to discuss an economic pact that could be signed next year.
- The meeting discussed agriculture and digital trade, as well as how to facilitate trade through reduced regulations and lower trade barriers, The Wall Street Journal reports.
- China condemns summits that recognize Taiwan as a sovereign nation.
- Tensions between the U.S. and China have intensified in the past year due to Chinese military aggression in the South China Sea, American tariffs, and trade embargos on chips, Chinese data collection, and other economic issues.
- President Xi Xinping and President Joe Biden are expected to host a summit during the G20 Summit on November 15 to 16.
Why it’s News
The U.S. has had no formal diplomatic relations with the Taiwanese government since 1979 when it opened relations with the Chinese. The country recognizes the island nation as part of its sovereignty and has promised to unite with it as a matter of national interest.
“China is always against any country negotiating economic and trade agreements of sovereign implication or official nature with China’s Taiwan region. We urge the U.S. not to repeat its wrongdoing,” says embassy spokesman Liu Pengyu.
The Biden administration is attempting to bolster relationships with friendly nations outside of China in response to the country’s aggressive posturing. The administration launched the Indo-Pacific Economic Framework for Prosperity in May to help foster greater cooperation.
Taiwanese politicians praised the initiative as an economic boost for stronger trade that will create more opportunities for smaller enterprises on the global market.
Notable Quote
“Tensions are high between the two countries, with the White House continuing tariffs on Chinese imports approved by the Trump administration. The administration unveiled a new defense strategy Thursday, casting China as the greatest danger to American security and calling for an urgent, concerted effort to build the military capabilities to deter Beijing in the decades to come,” says The Wall Street Journal.