“When a country pours over a trillion dollars in state subsidies to lower the cost of production and manipulates its currency to lower the price of its goods, as China has for years, the system will break.

“If we fail to recognise what has brought us to this current moment in history, we will have a hard time finding a new and globally beneficial equilibrium,” Mr Mace said.

He also urged South-east Asia to be more focused on China’s trade surplus, which has more than doubled in the last three years to US$190 billion with the region, adding that China’s exports are now more concentrated in finished goods, representing a real threat to domestic industries.

“So, I can assure you that the United States remains committed to expanding trade and growing prosperity. But it is also incumbent upon all nations to ensure that there is a level playing field and that the terms of economic agreements are adhered to.”

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