World's Largest Trade Deal Is in Force, But There's Still ‘Work to Be Done,' Says Singapore MinisterThe negotiations with partner countries will revolve around four pillars, or topics, with the work split between the U.S. trade representative and the Commerce Department.
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.
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 U.S. factories by automaker Hyundai and the electronics behemoth Samsung.
President Biden wrapped up a three-day visit to South Korea where he met with Hyundai CEO Euisun Chung to talk about investing $10 billion in electric vehicles and related technologies in the United StatesThe White House has said IPEF will be an open platform. But it has faced criticism from the Chinese government that any agreement could be an “exclusive" clique that would lead to greater turmoil in the region.
And there are sensitivities to China, the world's second-largest economy, in setting up IPEF. The self-ruled island of Taiwan, which China claims as its own, is being excluded from the pact. This exclusion is noteworthy since Taiwan is also a leading manufacturer of computer chips, a key element of the digital economy that will be part of IPEF negotiations.
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