U.S. President Joe Biden recently unveiled two economic initiatives: the Indo-Pacific Economic Framework for Prosperity (which was announced in late May during his first visit to Asia as president), and the Americas Partnership for Economic Prosperity (which was announced in early June at a regional summit hosted by the United States). Free trade supporters have criticized both deals for being too narrow in scope, as neither is a free trade agreement. Free trade agreements, however, are now no longer en vogue in Washington, where an increasingly polarized political environment -- along with longstanding accusations that trade has hollowed out America’s industrial and manufacturing base -- has left more lawmakers in support of protectionist policies (or hesitant to say otherwise).
In terms of cementing the United States’ ties with foreign partners, the additional economic cooperation outlined in the new Indo-Pacific Economic Framework for Prosperity and the Americas Partnership for Economic Prosperity is...
