Can Biden’s economic plan for Asia counter China’s influence there? † Business and Economy

From: Counting the costs

The US President has launched the Indo-Pacific Economic Framework for Prosperity with 12 countries.

The United States has not had a defined economic plan with the Indo-Pacific region since former President Donald Trump pulled out of a multinational trans-Pacific trade deal in 2017.

Now President Joe Biden is trying to involve the region that is increasingly coming under Chinese influence.

Biden has signed a new trade deal with 12 countries representing 40 percent of the global economy — that’s nearly $35 trillion in global production. The Indo-Pacific Economic Framework for Prosperity includes Australia, India, Japan, South Korea, and New Zealand, along with seven Southeast Asian countries.

Elsewhere, Western capitals are pledging billions of dollars to the Ukrainian economy, but is that enough?

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