President Joe Biden says he does not believe the economic downturn in the U.S. is inevitable. Despite recorded inflation and shortages caused by Russia’s invasion of Ukraine.
On A visit to Tokyo and While addressing at a press conference on Monday, Biden acknowledged that the U.S. economy was “in crisis” . But said it was “better off than other countries.”
The economic downturn in the United States is inevitable, President Joe Biden said Monday. While acknowledging the economic pain experienced by Americans as inflation rises.
Speaking in Tokyo, Biden replied “no” when asked if the U.S. recession could be avoided.
“This is going to be a drag, this is going to take time,” Biden said.
United States President Joe Biden has said he does not believe that the U.S. economic downturn is inevitable. Despite recorded inflation and shortages caused by Russia’s invasion of Ukraine.
President Biden On Indo-Pacific Trade Deal
“We have problems worldwide,” said President Biden, “but they are not as important as the rest of the world”. President Biden acknowledged the impact of severe shortages and high electricity prices on U.S. families. He said his superiors were working to alleviate the pain for U.S. consumers. But said there was little chance of a quick solution.
The comments came shortly after Biden’s launch of the Indo-Pacific Economic Framework, a new trade agreement. It is held by its executives designed to demonstrate U.S. commitment to the disputed economy and address the need for trade stability in the aftermath of the crisis and the Russian invasion. Ukraine.
Countries in a joint statement that the agreement will help them jointly “prepare our economy for the future” following the disruption. Caused by the coronavirus and the Russian attempt to invade Ukraine.
Meeting with Mr.Kishida, President Biden said the new framework would increase the U.S. and international cooperation in the region.
The White House said the framework would help the U.S. and Asian economies work closer. To issues including consumer goods, digital trading, clean energy, labor protection, and anti-corruption efforts. However, the details still need to be negotiated between member states. Making it difficult for managers to say how the agreement will fulfill its promise to help U.S. workers and businesses as they meet global needs.
Critics say the framework has a gap. It does not compensate potential partners for lower prices or give signers greater access to U.S. markets. Those restrictions may not constitute a U.S. framework. It has become an attractive alternative to the Trans-Pacific Partnership, which continued after the U.S. issued bail. China, the region’s largest trading partner, also wants to join TPP.
Japanese PM On The Framework
“I think a lot of colleagues will look at that list and say: ‘That’s a good list of problems. I am happy to participate,'” said Matthew Goodman. Former international economic director of the National Security Council during President Barack Obama’s administration. But he also said they could ask, “Will we get tangible benefits from participating in this framework?”
Kishida hosted Biden’s official reception at Akasaka Palace, which included military-style white-collar guards and a band at the front. Reviewing the combined troops, Biden put his hand over his heart as he passed the American flag and swore. He also bowed politely as he passed the Japanese standard. Here is the update by Japanese news platform : The Japan Times.
Mr. Kishida said at their conference that he was “very pleased” to welcome Biden to Tokyo on his first Asian tour as its president.
Along with Biden, he pushed a tough line against Russia for its invasion of Ukraine, saying it “undermines the very foundations of global order.”
On a five-day visit to South Korea and Japan, Biden called the US-Japan coalition a “cornerstone of peace as well as prosperity in the Indo-Pacific”. And thanked Japan for its “strong leadership” in taking action.
The White House announced plans to build an economic framework in October to replace the Trans-Pacific Partnership. Which the U.S. resigned in 2017 under President Donald Trump at the time.
While accepting Biden’s new trade agreement, Kishida said he hoped Biden would reconsider its U.S. position in the TPP.
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