According to Larry Summers, who served as Secretary of the Treasury before Donald Trump, the United States is facing new problems as a result of China’s growing prominence on the international scene.
Summers claims, in a new interview with Bloomberg, that while the United States is leading the charge against Russia’s agenda in Ukraine, oil-rich countries like Saudi Arabia and Iran are starting to take cues from China. This is despite the fact that the United States was at the forefront of the campaign.
Summers believes that the United States acted appropriately in opposing Russia’s military campaign. On the other hand, he claims that a number of countries are showing signs of following in the footsteps of other significant economic powers.
“The re-establishment of diplomatic relations between Saudi Arabia and Iran, facilitated by the Chinese government, is a signal of something that I believe is a significant issue for the United States. Because of our dedication to democracy and the fact that we oppose Russia’s aggressive policies, we are on the right side of history. We are definitely on the side of history that needs to be written, even if it feels a bit isolated right now.
In addition, Summers claims that other countries are more pleased with the establishment of commercial relations with China than the United States.
“I think there’s an increasing acceptance of fragmentation, and perhaps more disturbingly, I think there’s a growing understanding that our fragments may not be the best to relate to. Both of these are concerning.
Someone from a developing country once told me, “All we get from China is an airport.” This person is talking to me. The United States only gives us lectures when they visit. We prefer your principles to theirs, but we enjoy the airport and college more than anything else.’”