U.S. President Joe Biden used his first major international speech Friday to speak out about the economic and national security challenges posed by Russia and China. In a virtual address from the White House to the Munich Security Conference, Biden said the U.S. and its transatlantic allies in Europe and Asia "must prepare together for long term strategic competition with China," something he said was among "the most consequential efforts" the nations will undertake. Biden said competition with China will be "stiff," but added that that's what he welcomes. "Because I believe in the global system, Europe and the United States together, with our allies in the Indo-Pacific, worked so hard to build over the last 70 years," he said. The U.S. president also said that dealing with “Russian recklessness and hacking into computer networks in the United States and the world has become critical to protecting our collective security.” He said Russian President Vladimir Putin wants to undermine the transatlantic partnership between the U.S. and Europe and threaten the NATO alliance. "It's not about pitting east against West. It's not about we want to conflict. We want a future where all nations are able to freely determine their own path without a threat of violence or coercion," Biden said. Biden used his address to a global audience to underscore how his administration has begun reversing the policies of his predecessor, former President Donald Trump. He said that the U.S. stands ready to rejoin talks about reentering the 2015 multilateral Iran nuclear deal abandoned by the Trump administration. The Biden administration announced Thursday its desire to reengage Iran, and it took action at the United Nations aimed at restoring policy to what it was before President Donald Trump withdrew from the deal in 2018. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake