Let's not forget that there is an international trend to close down more (to use the same metaphor), including the U.S. and U.K. China could follow that trend too, and certainly the progress of free trade no longer can be assumed.
The President of the U.S. just gave an unprecedented speech at the Asian summit, criticizing institutions of rules-based, cooperative international trade expansion, criticizing trade partners, and arguing in favor of every nation adopting his isolationist, nationalist approach. (China's president followed with a speech favoring international trade cooperation.)
Trump's an awful, undiplomatic speaker, but that seems like a wilful mischaracterisation of his position. His complaint is exactly that America has opened up its economy to others in Asia, but that they haven't reciprocated. Whether or not his isolationist threats makes any sense, it's absolutely true that some countries, China most of all, have limited access to their own markets while taking full advantage of open markets elsewhere.
Xi Jinping may know the correct platitudes about free trade to mouth to please an audience, but his vision of trade cooperation has little to do with genuine openness, and everything to do with cementing Chinese economic and political hegemony.
I paraphrased what he said accurately; 'he misspoke' is baseless and an insufficient explanation. His policy is America First, a term that purposely revived from nativists and isolationists of an earlier era. The President and his administration has advocated it over and over, in multiple forums. His national security advisor and (secretary of state or another high official) wrote an editorial asserting that there is no "community of nations", and that the U.S. will serve itself without significant regard to others' interests. They've also asserted, repeatedly, that the U.S. has no interest in democracy or the rights of others.
The parent's claims regarding Xi's speech are also baseless. Like Xi's predecessors and peers the world over for generations, Trump being the notable exception, he appears to understand that all benefit from the free trade regime and that the powerful nations, including China and the U.S., benefit most.
In contrast, look at what these countries do rather than what their leaders say.
American markets are actually open. Americans can invest their money anywhere. Foreigners can buy property and own companies with few restrictions.
China discourages imports by punitively taxing them. Chinese face strict capital controls. Foreigners and their businesses are heavily restricted in what they can buy and what activities they can engage in.
That's true, FATCA has created a situation where Americans are effectively locked out of foreign banks. It sucks, especially for Americans living abroad and business people trying to establish themselves internationally, however it's not the same thing as capital controls. Americans can invest anywhere that will accept their money without their own government shutting them down.
Trump just took office in January; it will take awhile to redirect the massive ship of state. So far he's pulled out of TPP, may pull out of NAFTA, may pull out of the S. Korea trade deal ...
Let's not forget that there is an international trend to close down more (to use the same metaphor), including the U.S. and U.K. China could follow that trend too, and certainly the progress of free trade no longer can be assumed.
The President of the U.S. just gave an unprecedented speech at the Asian summit, criticizing institutions of rules-based, cooperative international trade expansion, criticizing trade partners, and arguing in favor of every nation adopting his isolationist, nationalist approach. (China's president followed with a speech favoring international trade cooperation.)