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Wednesday, April 14, 2021

Trump and Xi weigh in on global digital economy

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Trump and Xi weigh in on global digital economy
Trump and Xi weigh in on global digital economy

U.S. President Donald Trump and China's Xi Jinping give voice to some of their fears about the future of the digital economy at the G20 in Osaka.

Rough cut - no reporter narration.

At a meeting focused on the future of the global digital economy at the G20 in Osaka, Japan on Friday (June 28), U.S. President Donald Trump and Chinese President Xi Jinping had a chance to air some of their grievances.

Trump spoke about the potential security pitfalls of 5G networks.

"At the same time as we expand digital trade, we must also ensure the resilience and security of our 5G networks.

This is essential to our shared safety and prosperity," he said.

Washington has pressed its allies to shun Chinese telecoms giant Huawei in their 5G networks on security grounds, and has also suggested it could be a factor in a trade deal with Chinese President Xi Jinping.

Huawei has denied its products pose a security threat.

President Xi, in his turn, warned against protectionism.

"We need to encourage the movement of information, technology and human resources to safeguard the global industry chain, sharing our strength and co-operating to achieve a win-win situation.

We should not develop behind a closed door, and we cannot interfere in the market," he said.

Trump and Xi's messages to the member states of the bloc come at a time when trade relations between the two world's biggest economy are tense.

The White House said Trump's decision on whether to impose new tariffs on a $300 billion (236.77 billion pounds) list of nearly all remaining Chinese imports will depend on the outcome of the Saturday (June 29) meeting with Xi on the sidelines of the summit.

Asian shares stumbled during the day amid rising doubts that the highly anticipated meeting between Trump and Xi would ease trade tension.

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