U.S. President Joe Biden on Thursday vowed to counter what he called China’s economic abuses and aggressive behavior by rebuilding alliances he believes his predecessor undermined, while signaling his readiness to explore areas of cooperation with the Asian giant.

Warning of China’s “growing ambitions” to rival the United States, Biden said in his first major foreign policy speech that his administration will “compete from a position of strength, by building back better at home, working with our allies and partners, renewing our role in international institutions, and reclaiming our credibility and moral authority.”

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