Economics is at core of Obama's Asian tour

by smkovalinsky | November 14, 2009 at 04:31 pm
61 views | 4 Recommendations | 3 comments

Videos

Raw Video: Obama Mixes and Mingles in Singapore

see larger video

sourced by smkovalinsky

Raw Video: Obama Mixes and Mingles in Singapore

President Obama has asserted that China's growing economic muscle doesn't pose a threat.  The same day,  he traveled (these evening)  to Singapore,  and grappled with the question of whether the US is part of the problem in the current global crisis.  Singapore has been traditionally pro-American,  but conflict and disillusionment have grown steadily. 

Obama,  born in Hawaii and raised partly in the East,  views himself as more in tune with Pacific culture than were previous US presidents.  

See Washington Post's Timeline of Presidential trips to China

In Asia on an eight-day tour to reassert America's influence in the world's most economically buoyant region, Obama came to Singapore from Tokyo for a gathering of 21 Pacific Rim nations, an annual event that this year has put some of America's own policies in the line of fire. .

A chorus of complaints about American trade policies largely drowned out grumbling over China's turbo-charged export machine and threatened to put Obama on the defensive at the Asia-Pacific Economic Cooperation forum.

Obama had initially planned to arrive in Singapore after dinner Saturday but changed his schedule at the last minute to attend a banquet of heads of state here. He arrived in time to eat and change into this year's official APEC attire, a high-collared linen shirt billed as "Asian fusion" by summit organizers.

Since leaving Washington Thursday, Obama has sought to show that he is more in synch with Asia than his predecessors, describing himself in Tokyo as "America's first Pacific president" because of his upbringing in Hawaii and time spent in Asia as a boy, when he lived with his American mother and Indonesian step-father in Jakarta.

Hard economic facts, however, also have made Obama something of a Pacific supplicant. China is now America's biggest creditor, holding more than $1 trillion of U.S. debt. And while the U.S. economy clambers slowly out of a deep slump triggered by last year's financial crisis, Asia has rebounded with vigor. Asian economies will grow by nearly 6% next year, compared with 1.5% for the U.S., according to the International Monetary Fund.

The United States remains by far the world's biggest economy. Its gross domestic product is five times larger than China's. But momentum is clearly moving Asia's way. China's economy, already surging this year by more than 8%, is expected to expand by 9% in 2010.

While in Tokyo, Obama underlined the region's importance to the future economic well-being of the United States and said China's growth will help, not hurt, America's prospects. Endorsing free trade as the best engine of growth, he pledged to start negotiations over possible membership in an obscure trade pact known as the Trans-Pacific Partnership.

recommend Add a comment
1
Babel-Fish

Now I understand why he took that title but birther's will just love it, fuel for the fire.

0
smkovalinsky

You are so right!  Thanks for the recommend and for that shrewd comment. ;)

0
PIM of SPAIN

To be correct China holds over 2 trillion in US debt, and has been assured several times over by Timmy Geithner the US Treasurer that the US won't inflate the  US dollar to no avail. Obama has not the liberty of leeway to manoeuvre as his predecessors had, so if you go to your biggest creditor one has to be flexible and polite.

Add a comment

The content of this field is kept private and will not be shown publicly.
To prevent automated spam submissions leave this field empty.

What is NowPublic?

NowPublic lets people work together to cover news events around the world.

Find out more

Crowd Power

Babel-Fish
First Flagged at 4:52 PM, Nov 14, 2009 by Babel-Fish
These members have powered this story:

Related Stories

Recommendations (4)

Most recently recommended by:
 

closeSign in to NowPublic

is reporting from