Biden channels Trump on China

  • 9/16/2021
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NEW YORK, Sept 16 (Reuters Breakingviews) - It’s never nice to lose a deal. A new security partnership between the United States, Britain and Australia for the Indo-Pacific means that has now happened to France: A $40 billion deal to build submarines for the Aussies has been scrapped in favor of nuclear-powered technology from America and the UK. French Foreign Minister Jean-Yves Le Drian said it was a stab in the back and accused U.S. President Joe Biden of behaving like his unpredictable predecessor, Donald Trump read more . He’s right in that there’s bipartisan antipathy towards Beijing in Washington. A tougher, less inclusive security stance is part of that. Unlike Trump, though, Biden is a multilateralist on global issues like climate change. He’s also likely to mollify allies like France and the European Union overall on, say, trade. While it’s also possible to read Brexit into the new security partnership, it’s only a tweak to the prevailing world order. U.S. companies such as General Dynamics (GD.N) may benefit at the expense of French ones like Naval Group. But Gallic critics had better hope they are overstating the extent to which Biden is channeling Trump. (By Richard Beales) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Ryanair throws down consolidation gauntlet read more Trains deal has messy endgame read more UK growth may be more of a worry than inflation read more Darktrace emits travelling salesman omens read more

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