Did you hear in US President Joe Biden’s foreign policy speech how he wanted to put the needs of America’s working class at the center of the nation’s foriegn policy objectives? He certainly said it…

From the speech…

“There’s no longer a bright line between foreign and domestic policy. Every action we take in our conduct abroad, we must take with American working families in mind. Advancing a foreign policy for the middle class demands urgent focus on our domestic economic revival.”

As Bloomberg correctly notes, this follows Trump’s “America First” mantra, albeit with more coherence and less disruption.

Importantly, the Biden policy creates a new line of competition between the US and China, where the Chinese Communist Party have boasted about the prosperity it has brought the nation.

If Biden is successful, this marks a significant change from the pro-market era of US-China relations which prevailed from the 1970s forward.

It points to a new direction for the future: the economic contest to deliver prosperity for the nations’ respective peoples, rather than private sectors.