U.S. President Joe Biden announced his long-planned Indo-Pacific Economic Framework for Prosperity (IPEF) in Tokyo with the backing of a dozen countries from the region who seek U.S. economic leadership as a counterbalance to China¡¯s influence.
But while Biden basked in the warm words of support he received from IPEF member leaders at Monday¡¯s launch of the framework, getting the pact to work as advertised could prove a daunting task once he returns to Washington. Adding to the challenge, the U.S. president faces declining poll numbers less than six months before November¡¯s congressional midterm elections.
There are four pillars to the framework: trade, supply chains, clean energy, and tax and anti-corruption.
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