Why America’s Failure on Indo-Pacific Trade Matters
The Biden administration’s bungling on IPEF is a geopolitical setback.
No wonder they look embarrassed.
Photographer: Brendan Smialowski/AFP
At their meeting in San Francisco last week, President Joe Biden and the leaders of Japan, South Korea, India and 10 other countries signed an agreement on advancing the Indo-Pacific Economic Framework for Prosperity. They were putting a brave face on an unexpected failure — one that jeopardizes US global leadership and prospects for economic growth at home and abroad. The cause was American vacillation.
Having led the other members to expect movement on trade — IPEF’s most crucial component — the Biden administration reversed itself, reportedly thanks to pressure from Democrats in Congress and doubts among its own officials. Years of negotiations might now come to nothing. If so, the US will have squandered its best chance of building back its leadership on global trade.