The U.S. is the only meaningful counterweight to China’s growing global influence, but given the “blunt reality” of America’s challenging fiscal position other countries will have to “step up to the plate” and contribute, U.K. Secretary of Defense Philip Hammond said.
“Only the U.S. can respond to the challenge that is represented by China’s growing power,” Hammond said in an interview with CNBC at the Shangri-La Dialogue in Singapore at the weekend. “The U.S. can lead, and the U.S. must lead, but it can’t do everything on its own.”
His comments follow increased tensions in the South China Sea over the placement of a Chinese oil rig in contested waters, which reportedly led the Chinese coast guard to ram Vietnamese boats, while violent anti-China demonstrations in Vietnam have left six people dead.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.