What to know about the new IPEF trade bloc Biden is touting In Asia
What to Know About the New IPEF Trade Bloc Biden Is Touting In Asia
So Biden came up with a replacement. During Biden’s visit to Tokyo, the U.S. on Monday planned to announce the countries that are joining the new Indo-Pacific Economic Framework. In the tradition of trade deals, it’s best known by its initials: IPEF.That’s still to be figured out. Monday’s announcement signals the start of talks among participating countries to decide what will ultimately be in the framework, so the descriptions for now are largely aspirational.
The idea that new standards for world trade are needed isn’t just about discontent among U.S. voters. It’s a recognition of how the pandemic disrupted the entire scope of supply chains, shuttering factories, delaying cargo ships, clogging ports and causing higher inflation globally. Those vulnerabilities became even clearer in late February after Russian President Vladimir Putin ordered the invasion of Ukraine, causing dangerously high jumps in food and energy costs in parts of the world.
The U.S. trade representative will handle talks on the “fair” trade pillar. This would likely include efforts to shield U.S. workers from job losses as China’s entrance into the World Trade Organization in 2001 led to severe manufacturing layoffs. Those job losses gutted parts of the U.S., angered voters and helped power the political rise of Donald Trump, who, as president, pulled the U.S. out of the Trans-Pacific Partnership almost as soon as he took the oath of office in 2017.
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