Initiating commercial disputes and “pushing for decoupling and severing supply chains” is counterproductive, China’s President Xi Jinping said, according to a statement from the foreign ministry. U.S. President Joe Biden said his country will “continue to compete vigorously” with China, including via domestic spending and international alliances, according to the White House readout. (Bloomberg, The Logic)

Talking point: The meeting, during the G20 summit in Bali, was their first in-person encounter since Biden took office early last year. His administration has maintained and expanded policies designed to limit flows of capital and semiconductors to China, and gathered allied nations in coalitions on quantum computing and Indo-Pacific trade that are implicitly or explicitly designed to counter it. In response, Xi has emphasized China’s capacity and plans for scientific and technological self-reliance. While his statement Monday invoked bilateral economic barriers, the two presidents did agree to resume discussions on climate change, debt relief and other issues. Prime Minister Justin Trudeau isn’t currently scheduled to meet Xi in Bali.