America’s crumbling trade initiative in Asia

THERE IS NO IPEFlack of American engagement in Asian capitals on security and geopolitics. That is what all the talk of a “free and open Indo-Pacific” is about—seeking friends and allies in a new great-power contest, to China’s annoyance. There has been much less evidence of an economic dimension to America’s Asian diplomacy—despite a strong desire for one across the region.Countries in East and South-East Asia thrive on their economic ties with China, but want an American counterbalance. They fear that over-relying on the regional giant would erode their agency and sovereignty. Yet hopes of serious American engagement were dashed when, in one of his first acts as president, Donald Trump in 2017 pulled out of the Trans-Pacific Partnership, a high-grade trade deal with 12 members. What remained of those hopes has just taken another beating. A cornerstone of President Joe Biden’s economic initiative for Asia, launched in May 2022 and called the Indo-Pacific Economic Framework for Prosperity (), has crumbled.