U.S. President-elect Joe Biden said on Monday the United States needed to negotiate with allies to set global trading rules to counter China's growing influence but declined to say whether he would join a new China-backed Asian trade pact signed on Sunday. "We make up 25% ... of the economy in the world," Biden said of because they are the only game in town." It also marks a another setback for U.S. influence in the region after President Donald Trump in 2017 quit the 12-country Trans-Pacific Partnership (TPP) trade pact, negotiated while Biden was vice president. Biden said he had a detailed trade plan he would discuss on Jan. 21, 2021, the day after he is due to be sworn into office. (Reporting by David Lawder; Editing by Peter Cooney)This story has been published from a wire agency feed without modifications to the text.

Source: Mint November 17, 2020 00:33 UTC