would come back to TPP and they know that that is impossible now," said Scott Kennedy, a China expert at the Center for Strategic and International Affairs. active in the region until the politics of traditional trade agreements change, according to experts. "For decades, trade policy was often reduced to a zero-sum game that left many of our workers behind," said Katherine Tai, the United States trade representative.īut without offering lower tariffs or access to the huge American market, the IPEF is mostly attractive to other countries as a way to keep the U.S. But the deal struggled to win support from lawmakers, and former President Donald Trump withdrew from it, declaring an end to the era of multinational trade agreements.īiden administration officials have acknowledged that trade deals are a tough sell back home and are casting their approach to a pact as more flexible than the one pursued by Obama. leadership in the region through the Trans-Pacific Partnership, a comprehensive trade agreement among 12 Pacific Rim countries. The Obama administration had hoped to assert U.S. Congress may have to sign off on the agreements as it does trade pacts. The participating countries, however, must still negotiate the details in each action area – including supply chains, digital trade, clean energy and anticorruption – before signing any agreements. “We’re writing the new rules for the 21st century economy," Biden said. economic engagement in the region, partly to help counter China’s growing economic and military influence. Unwilling to pursue trade agreements that are unpopular in the United States, President Joe Biden on Monday rolled out a different type of economic agreement among Indo-Pacific countries.īiden announced in Tokyo the dozen founding partners for his Indo-Pacific Economic Framework, an effort to deepen cooperation and U.S. Watch Video: Biden announces strengthening of security alliance with South Korea
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