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April 18th, 2024 | 7:56 PM ET

America and the Asian Infrastructure Investment Bank

Posted: September 7th, 2016

Shortly after arriving at the G20 economic summit in Hangzhou China last week, Canadian Prime Minister Justin Trudeau announced that Canada would join a long list of U.S. allies who have joined the Asian Infrastructure Investment Bank (AIIB), despite behind-the-scenes warnings from the Obama administration. Today, Japan is the sole remaining U.S. ally that has not sought to join the organization.

Tensions between China and the U.S. stretch from diplomatic furor over Chinese expansionism in the South China Sea to the negotiation of competing free trade areas such as the U.S.-led Trans Pacific Partnership (TPP). However, the AIIB has been a particularly strong and persistent point of contention for U.S. policymakers. As demand for infrastructure financing in Asia rises to record highs, what is it about this new bank that draws America’s ire?

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