, the US 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 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 US trade representative will handle talks on the “fair" trade pillar. This would likely include efforts to shield US workers from job losses as China's entrance into the World Trade Organization in 2001 led to severe manufacturing layoffs. The Commerce Department will oversee negotiations on the other three pillars: Supply chain resiliency, infrastructure and climate change, and tax and anti-corruption.
BS?
New is not always better.
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