Debt-ceiling talks in the United States might jeopardize President Biden’s intentions to attend the G7 conference in Japan and the four-party summit in Australia.
The standoff in discussions between House Republicans and President Joe Biden over lifting the debt ceiling might jeopardize the US President’s intentions to attend the G-7 conference in Japan and the Quad initiative countries in Australia. The journey is set to begin on May 17.
“It is possible for me to postpone or cancel travel and participate in scheduled meetings via video link,” President Biden remarked.
While President Biden’s attendance is still doubtful, G-7 finance ministers are finalizing preparations for the summit, with an emphasis on putting economic pressure on Russia and finding methods to coordinate efforts against China’s “economic pressure” tactics.
“Not only to counter China’s attempts to use the economy as a weapon against other countries, but also to prevent China from taking action in the first place,” the Wilson Center’s Shihoko Goto adds.
On the day of the G-7 conference, the threat to the economy posed by the United States’ refusal to pay its debts endangers the already weak global economy, which has been damaged by the epidemic and the war in Ukraine.
“These shocks continue to wreak havoc on the global economy.” The failure of the United States’ efforts to raise the debt ceiling may have an impact on financial markets, according to US Treasury Secretary Janet Yellen.
Following the G-7 summit in Japan, the fourth Quad alliance conference will be place in Australia, with leaders from Japan, Australia, India, and the United States anticipated to attend.
“We will discuss the global economy, which is suffering from the burden of high inflation,” Australian Prime Minister Anthony Albanese stated.
The Quad, which was formed in 2007 to boost economic and security connections, has also grown into a strategic alliance against China’s expanding influence.
/ VOA