LATEST: Pres. Biden launches a new trade deal with 12 Indo-Pacific nations aimed at strengthening their economies as he warns Americans worried about high inflation that it is “going to be a haul” before they feel relief.
The Associated Press
The comments came just before Biden's launch of the Indo-Pacific Economic Framework, a new trade deal his administration designed to signal U.S. dedication to the contested economic sphere and to address the need for stability in commerce after disruptions caused by the pandemic and Russia’s invasion ofNations joining the U.S.
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 still moved forward after the U.S. bailed out.“I think a lot of partners are going to look at that list and say: ‘That’s a good list of issues.
The White House announced plans to build the economic framework in October as a replacement for the Trans-Pacific Partnership, which the U.S. dropped out of in 2017 under then-President Donald Trump. “The fact that the United States will grow faster than China this year, for the first time since 1976, is a quite striking example of how countries in this region should be looking at the question of trends and trajectories,” said White House national security adviser Jake Sullivan.
The U.S. president has also devoted great attention to the informal alliance known as the Quad, formed during the response to the 2004 Indian Ocean tsunami that killed some 230,000 people. Biden and fellow leaders from the alliance, which also includes Australia, India and Japan, are set to gather in Tokyo for their second in-person meeting in less than a year. The leaders have also held two video calls since Biden took office.
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