Lithuania still boasts former Soviet nuclear missile silos
Donald Trump got ready to confront the world economic powers on issues from the Middle East to Nato, tackling what US officials depict as a “global winners’ and “losers’ club”.
The president said his “America First” policy would put jobs first and make sure America got the best deal possible for its citizens.
“For the United States, we expect trading arrangements to bring benefits for both our workers and our businesses,” he said.
America and China agree on one thing – they want to be in Trump’s good books.
But elsewhere, “the global economy is increasingly out of sync”.
He went on to say: “Nearly nine years after the financial crisis, almost every major country is back in the business of borrowing.”
To try to close that gap between rich and poor countries, he made it clear that America would not participate in new international organisations.
“One of the great measures of our success will be whether or not we are judged a success in turning the United States economy around, reclaiming American strength and prosperity and refashioning a world more free and open,” he said.
“It will be the measure of our times.
“The gathering storm of the Chinese debt bubble is a matter of concern,” he added.
“We have seen how using credit, without limits, to buy up assets and outbid other creditors causes the bubble to burst and leaves countries over-extended.”
Trump described China’s long-term leaders as “big vision, strong will, and sophisticated”.
He was speaking at the Economic Club of New York before meeting the chiefs of America’s corporate titans.
Three questions for Carla Jean Mottur, director of the European Union economic think tank, Bruegel.