Pres. Biden launched a new trade deal with 12 Indo-Pacific nations aimed at strengthening their economies as he warned Americans worried about high inflation that it is 'going to be a haul' before they feel relief.
President Biden launched a new trade deal with 12 Indo-Pacific nations Monday aimed at strengthening their economies as he warned Americans worried about highthat it is"going to be a haul" before they feel relief. The president said he does not believe an economic recession is inevitable in the U.S.
The countries said in a joint statement that the pact will help them collectively"prepare our economies for the future" after the fallout from the pandemic and the war in Ukraine. Critics say the framework has gaping shortcomings. It doesn't offer incentives to prospective partners by lowering tariffs or provide signatories with greater access to U.S. markets. Those limitations may not make the U.S. framework an attractive alternative to the Trans-Pacific Partnership , which moved forward without the U.S. after former President Donald Trump pulled out. China, the largest trading partner for many in the region, is also seeking to join TPP.
Japanese Prime Minister Fumio Kishida and his wife Yuko Kishida welcome President Biden as they arrive for dinner at Kochuan, a traditional restaurant in Tokyo, on May 23, 2022.Kishida said at their meeting that he was"absolutely delighted" to welcome Mr. Biden to Tokyo on the first Asia trip of his presidency. Along with Mr. Biden, he drove a tough line against Russia over its invasion of Ukraine, saying the aggression"undermines the foundation of global order.
The two leaders also met with families of Japanese citizens abducted by North Korea decades ago. The White House said Mr. Biden"expressed his deepest condolences for their suffering, and called on North Korea to right this historic wrong and provide a full accounting of the 12 Japanese nationals who remain missing."
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