This is ‘Global Village Today’, which delivers major news from various countries around the world.
Moderator) What news do you have today?
Reporter) Yes. If China attacks Taiwan, the US will defend it, US President Joe Biden said. The defense ministers of NATO member states have agreed on a new strategic plan to counter the growing threat from Russia. The World Bank forecasts that higher energy prices will increase inflationary pressures.
Host) This is the first news from the global village today. Let’s take a look at the news of President Joe Biden’s remarks about China.
Reporter) Yes. US President Joe Biden said on the 21st that if China attacks Taiwan, the US will defend Taiwan. Controversy arose as it was seen as a violation of the official policy of the US government.
Moderator) Under what circumstances did President Biden say this?
Reporter) Yes. It came out of the ‘Town Hall Meeting’ hosted by CNN on the 21st in Baltimore, Maryland. A town hall meeting is a place where key figures such as politicians meet with local residents to freely discuss policies and issues. President Biden focused on the China-Taiwan issue for about 90 minutes on that day, mainly on issues in the United States, such as inflation (inflation) anxiety and rising oil prices, coronavirus vaccinations, and bipartisan infrastructure-social welfare legislation.
Moderator) Recently, military tensions between China and Taiwan are rising, right?
Reporter) That’s right. Earlier this month, Taiwan Defense Minister Chu Guo-jing said that the tensions between the two sides had reached the highest level in 40 years, and evaluated that by 2025, China will secure the capability to invade Taiwan. On the same day, CNN host Anderson Cooper asked President Biden, “If China attacks Taiwan, will the United States defend Taiwan?”
Moderator) Did President Biden answer that?
Reporter) That’s right. President Biden responded to Cooper’s question, “Yes. We have a responsibility to do that.”
What does being responsible mean?
Reporter) President Biden did not give a specific explanation, but it seems that he meant the ‘Taiwan Relations Act’, a domestic corporation of the United States. The United States provides the means for Taiwan to defend itself in its Taiwan Relations Act. This is the basis for arms exports to Taiwan. The US government has long maintained strategic ambiguity in which it is not clear whether military intervention is also included in the means specified in the law.
Moderator) What else did President Biden say about China?
Reporter) Yes. Regarding the recent report that China has successfully tested a supersonic missile, a question arose as to how the United States would respond. President Biden responded by saying that China, Russia, and the world know that the United States has the most powerful military in history, and not to worry about the United States’ military power.
Moderator) Even after the Joe Biden administration took office, there are few signs of improvement in US-China relations.
Reporter) Yes. But President Biden said today that he did not want a cold war with China. “I just want China to know that we will not back down and we will not change our views in any way,” Biden said.
Moderator) Did the White House react to President Biden’s remarks?
Reporter) Yes. A White House spokeswoman warned that President Biden’s remarks did not imply a change in US policy on that night, and was wary of broad interpretations. The spokesperson said that the defense relationship between the United States and Taiwan is governed by the “Taiwan Relations Act,” and that the United States will fulfill its responsibilities in accordance with the law, support Taiwan’s self-defense, and oppose any unilateral change that changes the status quo. . But he did not answer a question about whether President Biden had made a mistake.
Moderator) How is China responding to President Biden’s remarks?
In response to President Biden’s remarks, Chinese Foreign Ministry spokeswoman Wang Won-bin urged the United States to adhere to the ‘one China’ principle and exercise prudence in words and actions. Spokesperson Wang Wenbin also stressed that Taiwan is an inseparable part of China, and that it is unacceptable for external forces to interfere in China’s internal affairs.
Moderator) Let’s take a look at Taiwan’s reaction.
Reporter) Yes. The Office of the President of Taiwan issued a statement, saying that Taiwan’s position had not changed. Taiwan’s President’s Office spokeswoman Xavier Zhang said in a statement that Taiwan is determined to defend itself and is paying attention to the Biden administration’s actions to demonstrate its strong relationship with Taiwan.
Moderator) The global village is the next news today. This time we are going to Belgium. North Atlantic Treaty Organization (NATO) Defense Ministers Meeting?
Reporter) Yes. The Defense Ministers’ Meeting was held at NATO Headquarters in Brussels for two days on the 21st and 22nd. U.S. Defense Secretary Lloyd Austin also attended the meeting after a trip to the Black Sea countries of the former Soviet Union, including Georgia, Ukraine and Romania.
Moderator) What is the main agenda of the Defense Ministers’ Meeting?
Reporter) Countermeasures against potential threats from Russia, the Afghan issue, and counter-terrorism measures such as the Islamic Sunni militant group ‘IS’. While China is also emerging as a major concern, NATO defense ministers have reaffirmed that the alliance’s key goal is to deter Russia’s military threat.
Moderator) Russia’s military threat is the background to NATO’s establishment, right?
Reporter) That’s right. NATO is a military and security cooperative established by the United States, Canada, and Western European countries in 1949, during the Cold War, against the military expansion of the Soviet Union, now Russia’s predecessor. As of 2021, NATO consists of 30 member states.
Moderator) What was the outcome of this NATO Defense Ministers’ Meeting?
Reporter) Yes. NATO’s defense ministers have agreed on new defense measures to deter various potential Russian attacks. This secret strategy aims to prepare for any omnidirectional attack in the Baltic and Black Sea regions, including nuclear weapons attacks, cyber hacking, and attacks from space.
Moderator) Is NATO paying attention to Russia’s non-military threat?
Reporter) That’s right. NATO sees Russia as challenging the Western world not only through threats through military build-up, but also through non-military methods such as alleged interference in the US presidential election, assassinations and cyber hacking.
Moderator) So, does NATO see the Russian threat as imminent?
Reporter: That’s not it. Officials are stressing that a Russian threat is not imminent. But as Russia develops advanced weapons and deploys troops and equipment on its borders, NATO’s deterrence and defense concepts and strategic action plans are needed.
Host) At one time, there was a bit of a crack between NATO and the United States.
Reporter) That’s right. Conflict arose when former US President Donald Trump disputed the contribution of NATO member states. NATO Secretary-General Jens Stoltenberg said after the meeting on the first day (21st) that the alliance would continue to work to further strengthen and modernize the alliance.
Moderator) Let’s see Russia’s reaction, shall we?
Reporter) Yes. Russian President Vladimir Putin said on the 21st that Western military aid to Ukraine poses a threat to Russia. He said that U.S. Defense Secretary Lloyd Austin, who recently visited Ukraine, has paved the way for Ukraine to join NATO.
Moderator) Is Ukraine actively pursuing NATO membership?
Reporter) That’s right. Ukraine is hoping to join NATO more actively after Russia’s forcible annexation of Ukraine’s Crimean Peninsula in 2014 and recently mobilizing large-scale troops in the eastern border area. However, Russia strongly opposes Ukraine’s accession to NATO, saying that it will further intensify instability in the region. President Putin said on the 21st that Ukraine’s accession would not happen immediately, but that it poses a real threat to Russia.
Moderator) What is the US’s position on Ukraine’s accession to NATO?
It is a matter for NATO member states to decide. U.S. Defense Secretary Lloyd Austin visited Ukraine on the 19th to reaffirm U.S. support for Ukraine’s sovereignty and territorial integrity, saying Russia has no right to oppose Ukraine’s aspirations to join NATO.
Moderator) Global Village Today, let’s look at one more news. Is it the news that the World Bank predicts that high energy prices will stimulate inflation?
Reporter) Yes. The World Bank has recently published a report titled ‘2021 Commodity Market Outlook’. The report predicts that energy prices will rise in the coming year, which will increase the risk of short-term inflation in many developing countries.
Host) Actually, energy prices have risen a lot this year, haven’t they?
Reporter) Yes. According to the report, energy prices are expected to rise by more than 80% this year. The report predicts that it will rise more than 2% next year and then decline significantly in 2023.
Moderator) Why have energy prices soared this year?
Reporter) Yes. This is because the demand for energy has increased significantly as economic activity, which had shrunk due to the novel coronavirus pandemic last year, has gradually resumed this year. In addition, the delay in supply of goods brought about by the corona situation also contributed to the price increase.
Moderator) Specifically, how did the price forecast for each energy item come out?
Reporter) Yes. First of all, if you look at the price of crude oil, the report predicted that it will reach $70 per barrel this year and $74 per barrel next year thanks to increased demand. Then by 2023, it is expected to drop to $65 a barrel.
Moderator) Besides crude oil, natural gas and coal are also important energy sources. What is the outlook for both items?
Reporter) Yes. Natural gas and coal prices soared record highs this year. However, as demand decreases and supply increases, prices are likely to drop next year and beyond.
Moderator) The World Bank report this time is concerned about ‘inflation (inflation)’ caused by a surge in energy prices, right?
Reporter) Yes. “Rising energy prices are a significant near-term risk to global inflation,” the report noted.
Moderator) Are you saying that rising inflation can hinder economic growth in countries that import energy?
Reporter) That’s right. The report also pointed out that “the rise in commodity prices is more severe than expected,” and that “the recent price volatility will complicate the policy decisions of countries trying to get out of the recession.”
Moderator) What kind of policy should you use when inflation gets worse?
Reporter) Originally, central banks around the world tried to calm inflation by raising interest rates.
Moderator) You can catch inflation by raising the base rate like this, but isn’t there a side effect?
Reporter) Yes. Raising interest rates could pour cold water on the economies of countries that are recovering from the coronavirus situation. That’s why the report points out that inflation will complicate policy making in countries.
Moderator) Are there other items besides energy in raw materials?
Reporter) Yes. Examples include agricultural products and metals. First, agricultural product prices are expected to surge 22% this year. However, it is expected to decline in the next year and the next year. Metals will also rise 48% this year, but decline 5% next year, the report predicts.
Moderator) Yes. The global village will listen up to today.
* This article refers to ‘Reuters’.
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