Sep 27, 2024 07:34 PM

Asia New Vision Forum: U.S. and China Must Find Way to Resolve Trade Disputes, Former U.S. Diplomat Says

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Rick Waters, former U.S. deputy assistant secretary of state, speaks at the Asia New Vision Forum 2024 in Singapore on Wednesday. Photo: Caixin

The U.S.-China relationship would enter a “very challenging time” if the trade disputes between the world’s two largest economies are not resolved, said Rick Waters, former U.S. deputy assistant secretary of state, at Caixin’s Asia New Vision Forum 2024 in Singapore this week.

Friction between Beijing and Washington has stemmed from China’s economic model that over the past decade or so primarily focused on supply at the expense of demand, said Waters, adding that the current “wave of overcapacity” is overwhelming mechanisms that were never designed to handle it.

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U.S.-China relations risk becoming highly challenging due to unresolved trade disputes and China's supply-focused economic model, warns Rick Waters at the Asia New Vision Forum 2024.
Waters notes overcapacity issues and weakened mechanisms for managing economic differences, emphasizing the need for transparent industrial policies.
He advocates for a rules-based order to prevent conflicts and urges the U.S. to improve its adherence to such principles.

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Who’s Who

Eurasia Group: Eurasia Group is a political risk consulting firm. Rick Waters, who previously served as a senior China policy official at the U.S. State Department, has been its managing director of the China practice since August 2023. The firm provides insights and analysis on political risks impacting global markets and enterprises.

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What Happened When

August 2023：: Rick Waters became the managing director of the China practice at Eurasia Group.

Wednesday, September 25, 2024：: Rick Waters said during a panel titled 'Asia’s Political Playbook in an Election Year' about the challenging times U.S.-China relations could face if trade disputes are not resolved.