President Biden on Monday unveiled an initiative that he said would bind the U.S. and Asian economies more closely but that falls short of a free-trade agreement and remains vague on details.
At an official launch event in Tokyo intended to convey unity, Biden, Japanese Prime Minister Fumio Kishida andwere joined by representatives from other member countries who appeared virtually. In a possible sign that the new framework was not drawing enthusiasm, several of the countries did not send their top leader to the announcement.
Leaders throughout the region have been pressing for a traditional free-trade deal that would open American and Asian markets to each other and help Pacific countries compete with China’s economic dominance. But the Pacific trade pact negotiated by the Obama administration a decade ago is politically toxic in the U.S., excoriated by the labor movement on the left andKishida praised the new framework as a positive sign that the U.S.
China Joe
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