Explainer: What’s in Biden’s proposed new Asia trade pact? Know more:
President Joe Biden faced a dilemma on trade in Asia: He couldn’t just rejoin the Trans-Pacific Partnership that his predecessor had pulled the US out of in 2017. Many related trade deals, regardless of their content, had become politically toxic for US voters, who associated them with job losses.
“We’re writing the new rules for the 21st century economy,” Biden said at the announcement. “They’re going to help all our countries’ economies grow faster and fairer. We’ll do that by taking on some of the most acute challenges that drag down growth.” The idea that new standards for world trade are needed isn’t just about discontent among US 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 Commerce Department will oversee negotiations on the other three pillars: supply chain resiliency, infrastructure and climate change, and tax and anti-corruption. Commerce Secretary Gina Raimondo flew with Biden on Air Force One to Japan. She was also by the president’s side during his time in South Korea, where he highlighted investments in US factories by automaker Hyundai and the electronics behemoth Samsung.
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