It’s tough being a global trading power tussling for geoeconomic pre-eminence when you can’t sign binding trade deals, but that’s more or less where the Biden White House finds itself. A decade ago, when the Obama administration was driving forward the Trans-Pacific Partnership regional mega-deal, you’d have been laughed out of Washington for predicting that, the US having abandoned the agreement, Beijing would apply to join a pact originally designed to counter China’s economic heft. But the toxicity of formal trade agreements on Capitol Hill, which predates President Joe Biden and even Donald Trump, and among Biden’s voter base has in effect shut off one of the US’s main vehicles for projecting economic influence.Searching for an Asia-Pacific alternative to what is now the CPTPP (prefixed with “Comprehensive and Progressive”), the US last year announced the Indo-Pacific Economic Framework, a series of deals with 13 other nations.
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