Speaking at a news conference in Tokyo on Monday, Biden acknowledged that the US economy had “problems” but said it was in a better position than other countries.
“We have problems that the rest of the world has,” Biden said, “but less effective than the rest of the world.”
Biden acknowledges that acute supply shortages and high energy prices are affecting U.S. households. He said his administration was working to alleviate the pain of U.S. consumers, but said there was no immediate solution.
“It’s going to be a plow,” Biden said. “It will take some time.”
Biden on Monday pledged “concrete benefits” from a new trade agreement for the people of the Indo-Pacific region that he is about to launch, designed to signal the US sacrifice in a competitive economy and to address the need for trade stability. Epidemic and Russian invasion of Ukraine.
In a meeting with Japanese Prime Minister Fumio Kishida, Biden said the new Indo-Pacific Economic Framework would enhance US cooperation with other countries in the region.
The White House said the framework would help the United States and Asian economies work more closely together, including on supply chains, digital trade, clean energy, worker protection and anti-corruption efforts. While details still need to be discussed among member states, it is difficult for the administration to say how the agreement will deliver on its promise to help U.S. workers and businesses and meet global demand.
The signatories to the framework were announced on Monday during Biden’s visit to Tokyo for talks with Kishida. This is the latest move by the Biden administration to try to preserve and expand US influence in a region that has been under increasing Chinese influence until recently.
Kishida hosted a formal state reception for Biden at the Akasaka Palace, which included a white-clad military honor guard and a band in the front plaza. Reviewing the assembled troops, Biden placed his hand on his heart as he crossed the American flag and bowed slightly as he crossed the Japanese standard.
Kishida, in a brief remark, said she was “absolutely delighted” to welcome Biden to Tokyo on his first visit to Asia. With Biden, he took a hard line against Russia’s aggression in Ukraine, saying it “undermines the very foundations of the world order.”
Biden, who is on a five-day visit to South Korea and Japan, called the US-Japan alliance a “cornerstone of peace and prosperity in the Indo-Pacific region” and thanked Japan for its “strong leadership”. From Russia.
The White House announced plans in October to create an economic framework to replace the Trans-Pacific Partnership, which the United States dropped in 2017 under then-President Donald Trump.
The new deal comes at a time when the administration believes it has the edge in competing with Beijing. Bloomberg Economics released a report last week stating that the U.S. GDP growth rate in 2022 was 2.8% which was 2% for China, which is trying to contain the coronavirus through a tough lockdown as well as tackling a property bust. The recession has shattered the notion that China will automatically move the United States to become the world’s top economy.
The White House National Security Council said in a statement that “for the first time since 1976, the United States will grow faster this year than China. Advisor Jake Sullivan.
Critics say there are gaps in the structure. It does not reduce tariffs, provide incentives for potential partners or provide signatories with greater access to the US market. These limitations may not make the U.S. Framework an attractive alternative to the Trans-Pacific Partnership, which has advanced even after the U.S. bailout. China, the largest trading partner for many in the region, also wants to join the TPP.
Matthew Goodman, former director of international economics at the National Security Council, said: “I think many partners will look at this list and say: ‘This is a good list of problems. I’m happy to be involved.’ During the administration of President Barack Obama, however, he said they could also ask, “Are we going to get any real benefit from participating in this framework?”
It is possible for countries to be part of both trade agreements.
Biden’s first stop on Monday before talks with Kishida was a private meeting with Emperor Naruhito of Japan at Naruhito’s residence on the green land of the Imperial Palace.
The two leaders were also scheduled to meet with the families of Japanese nationals abducted by North Korea decades ago. The Japanese
Took office last autumn and wants to strengthen ties with the United States and build a personal relationship with Biden. He will invite the President to a dinner in a restaurant.
The launch of the Indo-Pacific Economic Framework, also known as the IPEF, has been billed by the White House as a major moment in Biden’s Asia tour and its ongoing effort to strengthen ties with Pacific allies. Through all of this, administrative officials have kept a close eye on China’s growing economic and military power in the region.
In September, the United States announced a new partnership called AUKUS with Australia and the United Kingdom aimed at deepening security, diplomatic and defense cooperation in the Asia-Pacific region. Through this AUKUS partnership, Australia will purchase nuclear-powered submarines and the United States will increase its deployment of rotating forces in Australia.
The U.S. president also paid close attention to the informal coalition known as the Quad, which was formed during the 2004 Indian Ocean tsunami response, which killed about 230,000 people. Biden and fellow leaders of the alliance, including Australia, India and Japan, are due to gather in Tokyo for their second private meeting in less than a year. Leaders have also made two video calls since Biden took office.
And earlier this month, Biden convened nine delegates from 10 members of the Southeast Asian Nations Association in Washington for a summit, the first by the organization in the U.S. capital. Biden announced at the summit that the United States would invest about 150 150 million in clean energy and infrastructure initiatives in ASEAN countries.
Sullivan confirmed on Sunday that Taiwan – which sought membership in the IPEF structure – was not among the governments that would be included. The participation of Taiwan’s self-governing island, which China claims as its own, will annoy Beijing.
Sullivan said the United States wants to deepen its economic partnership with Taiwan, which includes high-tech issues and one-to-one semiconductor supplies.
Biden will conclude his five-day quad meeting in Asia on Tuesday with one-on-one talks with Indian Prime Minister Narendra Modi and Australia’s new Prime Minister Anthony Albanese.
The center-left leader of the Australian Labor Party defeated incumbent Scott Morrison this weekend, ending nine years of conservative rule.
Modi, the world’s largest democracy leader, has refused to join the United States and other allies in imposing sanctions on Russia for invading Ukraine. In a video call last month, Biden told Modi not to speed up the purchase of Russian oil.