The U.S. finds itself isolated in its efforts to temper support for globalization. It’s having greater success rallying rich countries to rein in a common rival: China.
At the World Trade Organization meeting this week in Buenos Aires, the U.S., European Union and Japan agreed to target excess capacity in important industries and called on countries to curb state financing. While the declaration didn’t name China, it’s an implicit warning to President Xi Jinping that they’re losing tolerance with its state-driven model.
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