Posted on 04/03/2022 2:11:23 PM PDT by FarCenter
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The White House promises high labor and environmental standards, open cross-border data flows and secure supply chains as part of a new Indo-Pacific economic framework (IPEF) proposed by Biden at the East Asia Summit in October.
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But what exactly the IPEF will entail remains unclear, and that's because he does not have the Trade Promotion Authority that lets him negotiate trade pacts with other countries.
The U.S. Constitution gives Congress sole authority to set tariffs and regulate international commerce. But Congress can temporarily grant the president power to do so by granting him the fast-track negotiating ability, known as the Trade Promotion Authority.
But this expired on July 1 last year. Without TPA, Biden can offer only a loose partnership among like-minded nations, rather than an expansive and legally binding trade agreement in the mold of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership or the Regional Comprehensive Economic Partnership.
Indo-Pacific countries have little incentive to make an agreement that imposes strict standards on labor and decarbonization unless it also awards them greater access to the U.S. market.
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Only a superpower can mold the global order. Part of what makes the U.S. so powerful is that many countries want to boost exports to its outsize market, but Biden now cannot promise this market access to advance trade negotiations.
President Xi Jinping can grant access to the Chinese economy with the flick of a pen. More countries likely will lean on Beijing over Washington if China opens to more exports.
Emerging economies are pragmatic, unswayed by ideals and strategy alone. China's recent bid to join the CPTPP trade bloc has triggered concern in Japan and the U.S. But ASEAN members -- located in the heart of the Indo-Pacific -- swiftly embraced the idea.
(Excerpt) Read more at asia.nikkei.com ...
The ONLY supple chain that matters to Biden is Pudding availability/ice cream
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