Australian Prime Minister Scott Morrison wants to launch a new “strategic economic dialogue” with the United States to counter China’s economic clout.

“Unlike the Cold War, geostrategic competition in the coming decades will be engaged in the economic realm,” former Australian Prime Minister Malcolm Turnbull said in an address to the Australian American Leadership Dialogue. “Our recent experience with economic coercion underlines that. That’s why I believe our bilateral strategic cooperation must extend to economic matters.”