(Image Source: Xinhua)

 

BY STEVEN HSIEH

ANCHOR CHRISTIAN BRYANT

A decade of war in the Middle East. A crumbling Eurozone. The Obama administration says now is the time to focus on a rising Asia.

Just before a 9-day trip to Asia, President Obama will host the annual Asia Pacific Economic Cooperation, or APEC, summit in Honolulu Sunday. The BBC reports -- the stakes are especially high for two superpowers in the 21-member forum.

“The summit will be part beauty contest and partly a test of strength, as China and the US try to win friends for the Pacific century ahead.”

As Obama embarks on his 9-day trip -- he faces political pressure to get tough with China over trade policy.  The New York Times reports...

“...in his own country, Mr. Obama is under increasing political pressure to get tougher with China on trade, not only from the usual labor groups and liberals in his own party, but from Republican presidential candidates led by Mitt Romney … Mr. Romney called China a trade ‘cheater’ for keeping its currency undervalued...”

But China’s state-run Xinhua news agency says U.S. policies, like legislation passed in the Senate pressuring China to stop undervaluing the Yuan, are hurting, not helping the global economy.

“Frequently complaining about the lack of a fair playing field, some developed members manipulate the rules to their advantage. Why ask others to lower tariffs when they themselves seek punitive tariffs on others for no sensible reasons?”

Moving along the Asia agenda -- President Obama met with 8 other leaders over a regional free-trade agreement called the Trans-Pacific Pact, or TPP, on Saturday. On the same day -- Japanese Prime Minister Yoshihiko Noda announced intentions to climb aboard.

The Economist reports Japan’s addition to the TPP could be beneficial for both economic powers.

“If America and Japan can pull off such a deal, the TPP could challenge China’s own free-trade push in the region … By joining with America, Japan also hopes to influence global technological standards in industries like electric cars and clean energy.”

MSNBC reports -- the president’s Asia tour comes during a crucial time at home on the hill.

“As we head into an election year, there are a number of political overtones to this trip, including the fact that the supercommittee... will be in the final days of their negotiations. So President Obama has gotta show that he’s engaged with what’s going on in the homefront, while he is handling his foreign policy here.”

Following the summit, Mr. Obama will travel to Australia to celebrate the 60th anniversary of the countries’ alliance. Then he will head to Bali, Indonesia for the East Asia Summit.