President Joe Biden announced an economic framework involving the U.S. and a dozen other countries, including several members of a trade agreement the Obama administration could not get through Congress and from which the Trump administration withdrew.
Administration officials touted the “Indo-Pacific Economic Framework for Prosperity” as an alternative to traditional free trade agreements that focused on tariff reduction and market access, but resulted in economic loss for some U.S. industries and their workers.
The administration said Monday the Indo-Pacific framework underscores the U.S. commitment to a growing region where China is a major competitor for influence.
