In addition to climate-oriented initiatives that included revoking approval for the Keystone XL pipeline and re-entering the Paris Climate Agreement, Biden has signed a massive COVID-19 stimulus package aimed at revitalizing the U.S. domestic economy. An executive order “Made in America” signed by him in January increases domestic supply requirements, urges the procurement of small and medium-sized US suppliers, and tightens supervision of the “Buy America” waiver program.
“The sectors most likely to benefit domestically are information technology, industrial and healthcare,” Ting said, adding that the global impact on competing overseas suppliers will be difficult to gauge.
The US and China are also escalating their struggle for world domination in geopolitics, trade and technology, with Southeast Asia becoming a major battlefield, she noted. In other countries, China has gained influence by supporting infrastructure developments in Asia and Africa. More recently, it has also taken the pandemic crisis as an opportunity to take a leadership role by helping other countries manage COVID-19 and distribute vaccines.
Another key event took place on November 15, 2020, when 15 countries in the Asia-Pacific region – including the 10 countries of Southeast Asia plus Japan, China, South Korea, Australia and New Zealand – signed the Regional Comprehensive Economic Partnership (RCEP). After nine years of the pact, it marks a clear geopolitical victory for China, which defeated the US by becoming part of the world’s largest trade bloc, accounting for a third of the world’s economic output ($ 26 trillion). .
“It is also the first free trade agreement between China, Japan and South Korea, which together accounts for around 24% of the world economy and has a combined annual trade volume of over $ 720 billion,” said Ting.