IPEF Missing Link The Biden Administration’s Indo-Pacific Economic Framework (IPEF) is a set of laudable goals, but it lacks the traditional grease by which agreements on weighty matters come to fruition. The grease is economic benefit, be it via increased access to the large American market, or some other economic enhancement. Countries do not ordinarily grant unilateral concessions, especially not to larger competitors like the U.S.  Even when goals such as clean energy, fair and resilient trade, or supply chain resiliency are shared, the concern of most IPEF participants is that the U.S. wants something, and there needs to be an exchange of concessions. But for any substantive exchange, the U.S. Congress must be involved but...

TAGS – Macroeconomics, North America