LONDON: China, Japan and South Korea have made up after years of trade quarrels. They have pledged to deepen ties and reorganise the Asian and global trading systems under what amounts to Chinese leadership.
The picture blazoned across Asia’s front pages – though barely registering in the United States – showed the trade ministers of the three economic powers holding hands in a collective gesture of Asian defiance.
It is one of the most striking economic defeats suffered by America in more than 40 years covering international affairs, foreign media reported.
They agreed to forge ahead with free trade agreements but also to flesh out the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade pact on paper and a venture viewed by US hardliners as a Trojan horse for Chinese commercial hegemony.
“For all intents and purposes, the US is now a rogue nation when it comes to trade,” said Michael Gasiorek, the director of the UK Trade Policy Observatory at the University of Sussex.
“I don’t think there is a global trade war going on. The US is fighting a trade war with everybody but the others are keen to co-operate even more.”
China has launched a charm offensive to woo European officials and companies, to the point of inviting the heads of Mercedes and BMW to meet President Xi Jinping.
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