‘We want to make sure that our closest neighbors know they have a real choice between debt-trap diplomacy and high-quality, transparent approaches,’ says U.S. president
WASHINGTON — President Joe Biden on Friday welcomed government leaders from countries across the Americas to an economic summit by pledging to increase U.S. investment in the region in part to counter China’s influence.
“We want to make sure that our closest neighbors know they have a real choice between debt-trap diplomacy and high-quality, transparent approaches to infrastructure and to development,” Biden said. “By combining the commitment of the United States government to mitigate investment risk with the agility of private sector financing, we believe we can deliver gains for workers and families throughout the region.
Friday’s event was announced last year at the Summit of the Americas in Los Angeles. The focus on trade comes as competition has intensified between the United States and China, the world’s two largest economies. In 2022, the U.S. exported $1.2 trillion worth of goods and services to other countries in the Western Hemisphere, according to the U.S. Trade Representative. It also imported $1.2 trillion in goods and services from those countries. But the majority of that trade was with Canada and Mexico.Treasury Secretary Janet Yellen outlined the Biden administration’s goals in a Thursday speech at the Inter-American Development Bank. The U.S.
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