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Stepping onto the world stage for the first time in his two-month presidency, Barack Obama is holding face-to-face talks with the leaders of the two nations—Russia and China—most aggressively challenging the U.S. position atop the global order.But first up for Obama was a sit-down with British Prime Minister Gordon Brown, the host of the London summit of the world’s top 20 economies. The U.S. president and first lady Michelle Obama arrived Wednesday morning at 10 Downing Street, where Brown and his wife, Sarah, greeted them and the four smiled broadly.
On a busy day, Obama is meeting separately later with Russian President Dmitry Medvedev and Chinese President Hu Jintao. Officials in both countries have called for a new global currency to end the dollar’s dominance.
Dramatic in itself, the suggestion is also a sign of broader questions about whether U.S. status in the world could be threatened by the rise of a competing power bloc.
It’s not likely that the new currency idea will gain immediate traction. But Steven Schrage, an international business expert at the Washington-based Center for Strategic and International Studies, said it could eventually if the Obama administration doesn’t tackle the perception that the wave of massive stimulus spending in the United States could create unsustainable debt levels.
“People will be very closely reading the tea leaves,” Schrage said.
That’s one reason the public will see little of the meetings. Both are being held at the U.S. ambassador’s residence, with the news media only allowed into the room before the talks take place and without the ability to ask questions.
The Obamas had a low-key arrival in Britain Tuesday night to launch an eight-day, five-country European tour.
The central focus is the summit on the global economic meltdown. Obama’s preparations continued even as he flew across the Atlantic. He consulted by phone with the summit host, British Prime Minister Gordon Brown.
The meetings open with a working dinner Wednesday night and continue throughout Thursday.
Obama and Brown will cap their own meetings with a joint appearance before the press.
With Brown’s political future in doubt, Obama is later squeezing in talks with Brown’s main rival—David Cameron, the leader of Britain’s opposition Conservative Party.
In the afternoon, Obama heads to Buckingham Palace for an audience with Queen Elizabeth II…
