• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»Biden Avoids Trade Deals While Promising a Better Economic Relationship With Asia
Finance

Biden Avoids Trade Deals While Promising a Better Economic Relationship With Asia

November 16, 2023No Comments6 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Biden Avoids Trade Deals While Promising a Better Economic Relationship With Asia
Share
Facebook Twitter LinkedIn Pinterest Email

U.S. President Joe Biden is nurturing economic ties this week with Asia, but he is not signing any trade deals at a regional summit in San Francisco.

This fact – no trade deals – reveals much about the status of U.S. politics, the evolving global economy and the Biden administration’s ambitions. U.S. negotiators say they have finalized agreements with 13 other countries on three parts of the Indo-Pacific Economic Framework. The operative word is “framework,” a label that allows Biden to bypass Congress in reaching agreements in IPEF (pronounced EYE-pef).

“It’s a framework because the administration wanted to have something it could do by executive agreement,” said Robert Holleyman, a former deputy U.S. trade representative.

Many U.S. voters have negative opinions about trade deals they see as having caused industrial job losses, a prevailing sentiment in the 2016 presidential election that carries over to next year’s 2024 race. IPEF can partially fill that gap by sidestepping some of the domestic politics while addressing issues such as supply chains and climate change that have historically been outside trade deals.

What Is IPEF?

Biden formally announced IPEF during a May 2022 trip to Tokyo. It has four major pillars: supply chains, climate, anti-corruption, and trade.

Besides the U.S., there are 13 members in IPEF that represent 40 percent of global gross domestic product. The other members are Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam, according to the U.S. government. Members are free to engage – or disengage – on any of the four pillars. India, for example, has been reluctant to sign on to the trade pillar.

See also  ‘The US Economy Is Unwell’: Wall Street Bigwigs Pour Cold Water On Biden’s Economic Optimism

“We’re writing the new rules for the 21st century economy,” Biden said when the initiative was unveiled. But unlike a traditional trade deal, the framework is not about expanding market access or laying out penalties for unfair practices.

The trade pillar is being overseen by U.S. Trade Representative Katherine Tai; the other three are under Commerce Secretary Gina Raimondo.

The United States and its partners are announcing a signed agreement on supply chains and agreements in principle on climate and anti-corruption, while negotiators work through parts of the trade pillar, according to people who are tracking the talks.

Raimondo told reporters on a call that the U.S. had largely been absent from the Indo-Pacific and that the coronavirus pandemic showed that supply chain problems could damage the American economy.

“We all learned during COVID that supply chain disruptions can hurt American workers,” Raimondo said. “And that’s exactly why the president said we need to get back into the region with our partners in the Indo-Pacific.”

What’s in the IPEF Agreements?

Matthew Goodman, director of the Greenberg Center for Geoeconomic Studies at the Council on Foreign Relations, said before the leaders’ meeting that the White House has been “signaling” the terms of the various agreements. Each pillar is negotiated separately.

On trade, there will be some language on agriculture and expanding trade relationships. But the major issues of labor, environmental standards and rules for digital companies are still being negotiated.

Senator Sherrod Brown, a Democrat representing Ohio, objected to the trade pillar in part because of a lack of worker protections, prompting the administration to not move forward with an agreement on the issue. Brown is up for reelection next year in an increasingly Republican state that identifies with its industrial heritage.

See also  John Kennedy Tells Chief Biden Regulator Point Blank That His Agency Is ‘Operating Illegally’

“Instead of negotiating trade deals behind closed doors, we should be working to strengthen enforcement so that American workers can compete on a level playing field,” Brown said.

The U.S. government has suggested there will be an agreement on the other three pillars. Raimondo said the United States signed the supply chain agreement and the countries had reached an agreement on principles on the climate and anti-corruption elements. She said negotiations were concluded on an “overarching” agreement among members that would create a forum for ongoing work together.

“This is meant to be an enduring arrangement, an enduring durable framework,” said Raimondo.

The climate pillar includes an economic cooperation component to help support IPEF countries that are moving away from fossil fuels to cleaner forms of energy. The anti-corruption component has legally binding commitments that would improve the transparency of administering taxes.

The commerce secretary stressed that the agreements were just a beginning. There will be a $30 million fund on climate-related projects and an investor forum for clean energy technologies, as well as a private-public partnership to bring investments into the region.

“It’s the starting line, not the finish line,” she said.

Why Trade Deals Are Unpopular

Many U.S. voters say past trade deals caused the loss of factory jobs that hollowed out their hometowns. The administration agrees.

The 2016 presidential election was a landmark event on rejecting trade pacts. Both party’s candidates, Republican Donald Trump and Democrat Hillary Clinton, walked away from the Trans-Pacific Partnership, a 12-country free trade pact championed by the Obama administration as essential for maintaining U.S. influence in the Asia-Pacific. As president, Trump formally withdrew from the TPP, and revised the existing trade deal with Canada and Mexico, while raising taxes on a range of imports and starting a trade skirmish with China.

See also  After Biden’s Campaign Set In Motion Hunter Biden Laptop Letter, These Signatories Joined His Admin

Trade deals offer the prospect of cheaper goods and geopolitical stability, a prospect that was also somewhat undermined as the coronavirus pandemic exposed fragile supply chains that were overly dependent on China. Biden has sought to find alternatives to Chinese factories while maintaining the tariffs that Trump imposed on Chinese goods.

In a June speech, Tai criticized past trade deals.

“If we look at what those agreements did, we see the ways in which they contributed to the very problems we are now trying to address,” said Tai. She emphasized that “our new approach to trade recognizes people as more than just consumers, but also producers – the workers, wage earners, providers, and community members that comprise a vibrant middle class.”

Trade deals also take years to negotiate and even longer to finalize across presidential administrations. The United States’ last new trade deal was signed with South Korea in 2007 and went into force in 2012. By comparison, IPEF is moving a speedy clip as agreements are being announced after less than two years.

Asia Avoids Biden deals Economic promising Relationship trade
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Trump’s Tariffs Trigger Turmoil In China As Country’s Economic Tailspin Intensifies Per New Data

May 6, 2025

Trump Admin Ready To Provide Another Round Of Financial Aid To Farmers Impacted By China Trade War

April 28, 2025

‘They Came With Their A Game’: Donald Trump, Scott Bessent Reveal Which Country Could Be Close To Making Trade Deal

April 24, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Jimmy Kimmel mocks last year’s Oscars slap in his opening monologue

March 13, 2023

Reuters gets lambasted online for bizarrely framed headline about transgender mass shooting at Christian school

April 1, 2023

NHL Bars Minnesota Wild Goalie from Wearing Native American Heritage Mask During Warmups

November 26, 2023

Adidas retracts opposition to Black Lives Matter three-stripe design

March 29, 2023
Don't Miss

Short and Funny Sayings for a Happy Summer with Friends

Lifestyle May 9, 2025

I love the beach. Just looking at the calming sea to relax. Having fun in…

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Epstein Tried To Blackmail Bill Gates Over Affair: WSJ Report

May 22, 2023

State of California wants parents to pay over $675k after their kids sparked fire that burned 100 acres

June 24, 2023

100 Short Spring Captions for a Positive, Motivated and Fun Season

February 3, 2025
Popular Posts

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.