Who was to be responsible for war debts according to the new government?

the people who borrowed the money
the federal government
the individual states
the wealthy business leaders

The Federal government.

Some of the debtor nations argued that the war had been a common cause and that one victorious power should not profit at the expense of others.

Practical economic realities also seemed to dictate a rethinking of the debt issue.

For example, the Harding administration made it clearly understood that the United States had no interest in cancellation. This position was widely supported by the public, which felt that those who incur debts should repay them.

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it provided for equal trade rights among nations in china.